Indian wind power producer and project developer, Indowind Energy, is contemplating a fundraising endeavor of INR 2 billion (USD 24 million/EUR 22 million) to facilitate the expansion of its business, as revealed in a bourse filing on Wednesday.
The company's board of directors is scheduled to convene on January 8 to deliberate on the potential raising of equity capital, to be executed in one or more tranches. Simultaneously, the meeting will address the ongoing review and approval of a preferential issue of warrants, as outlined in the official announcement.
Indowind Energy Ltd, recognized as a renewables-focused independent power producer (IPP), specializes in operating wind farms. The company not only provides green power supply but also extends services in project and asset management, along with value addition services.
This strategic move to explore equity capital options aligns with Indowind's aspirations for business expansion in the dynamic Indian renewable energy sector. The outcome of the board's deliberations will shed light on the company's approach towards securing additional funds to fuel its growth initiatives in the evolving energy landscape.