Suzlon Energy rises 2% on bagging 225-MW wind energy project from Everrenew Energy

Shares of Suzlon Energy gained over 2 percent on January 5 after the company bagged a new order for the development of a 225-MW wind power project from Everrenew Energy Private Ltd. It would install 75 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each across the client’s several sites.

This order is for the firm’s larger-rated 3 MW, S144-140m turbines from the 3–3.15 MW product series, Suzlon Energy said in a filing. The WTGs and HLT tower will be installed at sites in Vengaimandalam, Trichy district and Ottapidaram, Tuticorin district in Tamil Nadu.

At 1:01 pm, Suzlon Energy shares were trading 1.4 percent higher at Rs 39.25 on the National Stock Exchange (NSE). The stock has risen 125 percent in the last six months and 283 percent in the last one year, more than tripling investors’ money in the last 12 months.

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“As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and supervise the project, including commissioning. Suzlon will also undertake comprehensive operations and maintenance services post-commissioning,” Suzlon said in a statement.

India has one of the most conducive policy environments and a thriving ecosystem from R&D and manufacturing, to operations and maintenance services, according to Vice Chairman at Suzlon Group Girish Tanti.

“Combined with one of the lowest costs of energy in the world, these factors make Indian renewables stand out in the global market,” he said, adding that Everrenew Energy serves the promising C&I segment of the Indian market, which will be important in driving Suzlon’s national targets over time.

In a media interaction recently, Suzlon CFO Himanshu Mody stated that in FY24, the group was more focused on strengthening the balance sheet and was successful in making it completely debt-free. The group sees good tailwinds ahead in terms of order-book availability and ability for the orders to be executed.

Suzlon’s current order book is close to 2 GWs, which comprises Suzlon Energy Ltd. and its various subsidiaries.

Also Read | Suzlon bags 225 MW wind energy project from Everrenew Energy

The wind turbine manufacturer is now focusing on operations and delivering the pending orders. It is also in active discussions about securing more orders in FY25.

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