
Inox Wind Limited (IWL), India’s leading wind energy solutions provider, announced that CARE Ratings has upgraded its short-term banking facilities to the highest rating of ‘CARE A1+’, reflecting the company’s strong financial position and operational performance. The long-term bank facilities have also been upgraded to ‘CARE A+ / Stable’.
Key Highlights:
- Short-Term Facilities:
- Rating: Upgraded from CARE A1 to CARE A1+.
- Usage: Primarily utilized for letters of credit and bank guarantees.
- Long-Term Facilities:
- Rating: Upgraded from CARE A / Stable to CARE A+ / Stable.
- Usage: Rarely utilized for cash management as the company maintains a net cash-positive balance sheet.
- Operational Growth:
- CARE’s rating upgrade aligns with IWL’s improved business risk profile, supported by a robust order book of approximately 3.5 GW.
- Expansion is driven by the growing demand for renewable energy in India, with massive capacity additions expected over the next decade.
About Inox Wind:
IWL is a fully integrated player in the wind energy market with four state-of-the-art manufacturing plants across Gujarat, Himachal Pradesh, and Madhya Pradesh. The company’s manufacturing capacity stands at ~2.5 GW annually. As part of the $12 billion INOXGFL Group, IWL provides end-to-end solutions in wind energy, from manufacturing to operations and maintenance (O&M).