EcoWatch Renewable

JP Morgan-Backed Leap Green Energy Acquires Inox Renewable Windfarms

A green energy organization boosted by India’s first Formula One driver Narain Karthikeyan and his family is set to purchase a bunch of wind power  generation trademarks from Inox Group in a deal esteemed to be around INR 1000 crore.

A public announcement on the same is going to happen in the coming days, according to sources aware of the deal.  

An Independent power Producer (IPP), Inox Renewables is a 99.98% auxiliary of recorded Gujarat Fluorochemicals and has almost 300 MW of wind energy capacity installed till now.  They have plants in states like Rajasthan and Maharashtra. They have PPAs (Power Purchase Agreements) with electricity boards of the state to supply wind energy.

The Coimbatore-based Leap Green Energy was established by Narain Karthikeyan and his family in 2006. They have a total of 453 MW of wind energy capacity installed and they have signed PPAs with the electricity boards of Tamil Nadu, Madhya Pradesh, and Rajasthan. They earned revenue of INR 300 crore in the year 2015. JP Morgan possesses a significant share in Leap Green Energy and has a noteworthy administration part in the organization. UBS is the economic counselor of the said deal.

Inox Wind is an equipment organization gaining practical experience in towers, generators, blades, and turbines. Its era resources – all part of the quickened devaluation strategy for wind ranches – are consequently non-core.

The organization endorsed by the Inox Group, which has businesses in different organizations such as  mechanical gasses, screens, wind-turbine assembling, earned a profit of INR 200 crore in March 2015.

Leap Green Energy predicts that the acquisition will help them increase their operational capacity by about 762MW across four major states. This makes them one of the crucial and biggest independent power producers in the clean energy sector.  They plan to have a capacity of at least 2,000 MW by the year 2019.

Karthikeyan’s family is also the promoter of PSG Group of EDUCATIONAL INSTITUTIONS and furthermore has business interests in materials apart from their role in increasing nation’s clean energy. The family is closely related with Lakshmi Mills, a south-India based mills.

Wind power could attract huge speculations of as much as 1 lakh crore by the year 2020, as indicated by a July 2015 report by evaluations organization Crisil. The report referred to better taxes and monetary advantages as elements that would make wind control ventures productive, practical and adaptable.

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