Suzlon Energy stock gains on bagging order from Adani Green Energy

This order is a repeat order from Adani Green Energy Ltd. and is in addition to the existing order of 226.8 MW as announced on 13th August 2021, the company said in a regulatory filing.

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Shares of Suzlon Energy, a renewable energy solutions provider, rose in the early trade on October 18 after the company said it has secured an order to develop 48.3 MW wind power project from Adani Green Energy.

Suzlon Energy will install 23 units of their wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located in Mandvi, Kutch Gujarat and is expected to be commissioned in 2023.

This order is a repeat order from Adani Green Energy Ltd. and is in addition to the existing order of 226.8 MW as announced on 13th August 2021, the company said in a regulatory filing.

The company did not specify the monetary value of the order.

Suzlon will execute the project with a scope of supply, installation, and commissioning. Additionally, Suzlon will offer post-commissioning operation and maintenance services.

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“We are delighted that Adani Green Energy Ltd has reaffirmed their trust in us for the additional order for their Wind Energy Project in Mandvi. It is always a privilege to partner with India’s leading IPP in their pursuit to power our nation with green energy,” said Girish Tanti, Executive Vice Chairman, Suzlon Group.

The stock advanced 3 percent following the announcement of order to Rs 7.68 per share.

“We believe that Suzlon is an evident choice for our stakeholders and customers because our products are customized for a variety of Indian wind regimes backed by our service offerings. In our pursuit of Aatmanirbhar Bharat, Suzlon wind turbines typically have 70 percent-80 percent domestic content and are manufactured in India through a thriving domestic value chain,” said Ashwani Kumar, CEO, Suzlon Group.