AMSC wins new $15m Inox ECS order
AMSC has received a $15m order electrical control systems (ECS) from Inox Wind for a 2MW wind turbine that the Indian vendor has had under license since May 2009.
AMSC did not release financial details of the latest order – the seventh from Inox.
AMSC anticipates that the majority of shipments under this contract to occur during fiscal year 2015.
“Together with AMSC’s wind turbine design expertise and smart electrical control systems, Inox is delivering wind turbines with some of the highest availability, reliably and power in India,” says Devansh Jain, director of Inox Wind.
“We have been successful in growing our business and taking market share in India as we continue to work towards our goal of being the preferred wind solutions provider to independent power producers, utilities, and large corporations,” he adds.
India has more than 20GW of installed wind generation capacity. The government recently restored a tax incentive that benefits the wind industry.
Bloomberg New Energy Finance (BNEF) expects this incentive to result in 2.6GW of wind installations in 2014, increasing to 3.5 GW of installations in 2016.
“The effects of this most recent order from Inox are to extend our existing backlog and provide us greater visibility into fiscal 2015 revenues,” says AMSC chief executive Daniel McGahn.
“Inox continues to execute on its ambitious growth plan and its planned IPO later this year is expected to provide the capital needed to continue on its path of being a major player in the Indian wind market,” he says.
Inox expects to complete 500MW – 250 turbines – in orders during the fiscal year ending 31 March, and now has a 750MW backlog.
AMSC’s ECS are an integrated, high-performance suite of power electronics systems that include the wind turbine power converter cabinet, internal power supply and various controls.
Together, these systems serve as the “brains” of the wind turbine and enable reliable, high-performance operation by controlling power flows, regulating voltage, monitoring system performance, controlling the pitch of the wind turbine blades and the yaw of the turbines to maximize efficiency.
AMSC reiterates its full year fiscal 2014 expectation of flat to slightly down revenues as compared to fiscal 2013.
The company in its first fiscal quarter ending 30 June reported a $13.5m net loss versus $10.5m a year earlier.