UPDATE - AMSC says new contracts with Inox are worth USD 210m

US wind and grid technology company AMSC (NASDAQ:AMSC) said Thursday that its fresh supply contracts with Indian wind turbine maker Inox Wind Ltd (BOM:539083) are valued at about USD 210 million (EUR 193.4m) in total.

As unveiled by Inox earlier that day, the Indian firm has entered into a licensing agreement to buy from AMSC the rights to manufacture 2-MW electronic control systems (ECSs) in-house at home. AMSC said in its own statement that Inox will be allowed to internally manufacture just a limited portion of the ECS requirements.

The parties have also signed a contract that calls for AMSC to supply ECSs to Inox for its entire 2-MW product line. Full deliveries are expected to start during the first quarter of fiscal 2016.

The above-mentioned sum refers to the aggregate value of both deals over the next three to four years, AMSC explained. Once the supply contract is fulfilled, the US firm anticipates to generate further revenues for at least an additional three years by providing Inox with the majority of its 2-MW ECS requirements under a preferred supplier arrangement.

AMSC's ECSs represent a suite of power electronics systems that include the wind turbine power converter cabinet, internal power supply and various controls.

The two companies have also entered into a heads of agreement to co-develop a 3-MW wind turbine for the Indian market.

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