Indowind Energy is an independent power producer that has been making electricity from wind in India for three decades - it owns the turbines, operates them, and sells the power to companies and state utilities under long-term contracts. The company started in 1995 with a single 225-kilowatt windmill in Tamil Nadu and has since grown by buying and refurbishing older wind farms and building new ones, assembling a fleet of 125 machines across two states. The recurring approach is an asset-ownership model: Indowind earns a fixed fee for every unit of electricity its turbines produce, and it keeps those turbines running with an in-house operations and maintenance team that it is now turning into a business of its own. # Business segments Two engines at different stages - a wind-generation core that has powered the company for thirty years, and an O&M services bet being built from that experience - with a solar add-on woven into the first. ## 1. Wind power generation: the original engine **The company owns and runs 125 wind turbines across Tamil Nadu and Karnataka, selling the electricity they produce to corporate customers and state utilities on per-unit contracts.** - **Paid per kilowatt-hour** - revenue comes from power purchase agreements (PPAs) where the company earns a set price for every unit of electricity its turbines feed into the grid, with most power sold to companies on a group captive basis through its subsidiary Indowind Power Private Limited. - **Brownfield buyer, not just a builder** - rather than only developing greenfield projects from scratch, Indowind has grown by acquiring existing windmills from third parties and then refurbishing or repowering them, which is how it added nearly 10 MW in FY25 by buying Ind Eco Ventures and its operating turbines. - **Two-state footprint in high-wind zones** - the fleet is split between Tamil Nadu (30.9 MW) and Karnataka (17.1 MW), with site offices in four locations including Gadag and Chitradurga, placing turbines in some of India's best wind corridors. - **Older machines are both an asset and a risk** - a portion of the fleet has been spinning for over 25 years, and Tamil Nadu's state utility has proposed discontinuing turbines older than 20 years or forcing their power to be sold only to the utility at a regulated tariff, which could affect nearly 60% of the installed capacity of windmills in TN if implemented. - **Solar is being stitched into the same model** - the company is adding solar generation on its existing land to create hybrid wind-solar projects, with a 4 MW solar project planned via Nova Power, aiming for the higher plant load factors that hybrid sites deliver. ## 2. Operations and maintenance services: the expertise play **After thirty years of keeping its own turbines running, the company is packaging that know-how into a standalone O&M business that will service other wind-farm owners.** - **Built on in-house capability** - Indowind's technical teams already maintain its own fleet of turbines of varied sizes and specifications, and the company credits its O&M practices for improving machine availability to 90% in Tamil Nadu and nearly 90% in Karnataka during FY25. - **A new subsidiary to house the offering** - the company plans to invest up to ₹10 lakhs to incorporate a separate subsidiary dedicated to O&M services, turning a cost centre into a revenue stream by selling maintenance expertise to other wind-farm operators. - **From concept to post-commissioning** - the company's O&M capability spans the full lifecycle of a wind farm, from initial planning through to ongoing operations, which is the scope it intends to offer externally. # Group structure and partners **A listed holding company with a subsidiary for customer-facing power sales, a recently acquired wind-farm entity being merged in, and a web of legacy financial obligations being restructured.** - **The sales subsidiary** - Indowind Power Private Limited (51% owned) is the vehicle through which most corporate power sales happen: it enters PPAs with third-party customers while Indowind holds a power-sharing agreement with the subsidiary, a structure designed for the group captive market. - **Acquired and absorbing** - the company bought 100% of Ind Eco Ventures Limited in FY25, adding 9.675 MW of operating wind capacity, and a scheme of amalgamation approved by the NCLT in March 2026 will merge Ind Eco into Indowind, dissolving the subsidiary and bringing its staff and assets directly onto Indowind's books. - **An associate investment in the works** - Indowind plans to take up to a 20% stake in EverOn Power, which operates about 19 MW of renewable assets and has EPC project capabilities, making it an associate company and extending the group's reach into project construction. - **Legacy debt being restructured** - a USD 15 million foreign currency convertible bond originally due for conversion in 2012 remains outstanding and under negotiation for rollover, while the company has also cleared a ₹38 crore term loan from IREDA in 2024 and the corporate insolvency proceedings were withdrawn in 2023.