Inox Green Energy shares gain nearly 7% after bagging 285 MWp solar projects

Shares of Inox Green Energy Services Ltd gained 6.5% on Monday, May 19, after the company said it signed agreements to provide operation and maintenance (O&M) for 285 MWp of solar projects.

The company said it signed the agreements with two of India’s leading renewable energy companies. The projects are located across multiple sites.

With this agreement, Inox Green’s solar O&M portfolio has grown to 1 giga watt (GW).

"We continue to rapidly add solar assets to our portfolio under O&M, and we are delighted to announce that we have secured an additional 285 MWp across multiple sites," SK Mathu Sudhana, CEO of Inox Green, said.

In April, Inox Green Energy entered an agreement to provide O&M services for 675 MWp of solar projects of a leading Indian renewable energy company.

Last month, reports stated that Inox Clean Energy may file a draft red herring prospectus (DRHP) with capital markets regulator SEBI in the coming weeks for its ₹5,000-crore initial public offering (IPO) via the confidential route/

Shares of Inox Green Energy Services Ltd gained 6.5% to hit an intraday high of ₹157.94 apiece on Monday, May 19. The stock has gained 11.18% in the past month but has declined 12.5% this year, so far.

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