Inox Green Energy is one of the major wind power operation and maintenance (“O&M”) service providers within India. The Company is engaged in the business of providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators (“WTGs”) and the common infrastructure facilities on the wind farm which support the evacuation of power from such WTGs. The company have stable annual income owing to the long-term O&M contracts that we enter into with their customers. Inox Green Energy is a subsidiary of Inox Wind Limited (“IWL”), a company which is listed on the National Stock Exchange of India Limited and BSE Limited, and part of the Inox GFL group of companies (“Inox GFL Group”). The subsidiaries are engaged in the business of power generation through renewable sources of energy with Nani Virani Wind Energy Private Limited being the only subsidiary which has commenced power generation as of the date of this Red Herring Prospectus.

We enjoy synergistic benefits as a subsidiary of IWL, which is principally engaged in the business of manufacturing WTGs and providing turnkey solutions by supplying WTGs and offering a variety of services including wind resource assessment, site acquisition, infrastructure development, EPC of WTGs, and, through the Company, providing long-term O&M services for wind power projects. Pursuant to an exclusivity agreement between IWL and the Company, we provide exclusive O&M services for all WTGs sold by IWL through the entry of long-term O&M contracts between the WTG purchaser and ourselves for terms which typically range between five to 20 years.

Due to this exclusivity agreement, IWL’s order book is an important indicator of future revenue and growth for the Company. As of June 30, 2022, IWL had entered into binding contracts for the supply of 2 MW capacity WTGs with an aggregate capacity of 964 MW. Further, IWL had also received letters of intent, which are non-binding and which therefore may not lead to execution of any form of binding contract, for its new 3.3 MW capacity WTGs with an aggregate capacity of 524.7 MW.

Set out below is a diagram which summarizes the general process from the manufacturing of a WTG by, for example, IWL, to the point where the provision of the O&M services commences.