Shares of Suzlon Energy climbed 3 per cent in Monday's trade after the renewables energy solutions provider said it has bagged India's Largest Wind Energy Order of 1,166 MW from NTPC Green Energy, the renewables arm of NTPC. The stock also gained as Suzlon Energy completed its 51 per cent acquisition in Renom Energy Services.
Following the developments, Suzlon Energy shares climbed 3.27 per cent to Rs 77.18. The stock is up 98 per cent year-to-date and 217 per cent in the past one year.
Suzlon Energy said it would install a total of 370 wind turbine generators (WTGs) of S144 equipped with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at two projects of NTPC Renewable Energy and one project of IndianOil NTPC Green Energy in the state of Gujarat.
This win takes Suzlon’s largest‐ever cumulative order book close to 5 GW as of September 3.
Vice Chairman at Suzlon Group, Girish Tanti, said the order win marks his company's first direct wind energy order from NGEL, signaling Suzlon’s triumphant return to the PSU customer segment.
“This project will emerge as the largest wind energy initiative by a PSU in Gujarat, cementing the state’s leadership in renewable energy. Upon completion, it will set a new benchmark for future projects, substantially contributing to India’s energy self‐sufficiency, economic prosperity, and NGEL’s ambitious target of adding 60 GW renewable energy capacity by 2032,” Tanti said.
As a part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning, in Gujarat as well as undertake operations and maintenance services post‐commissioning, the company said in an exchange filing.
Chief Executive Officer JP Chalasani said: "While it is India’s largest wind energy order, this project is also the first of many more such transformative projects between the two in the future. We are committed to delivering this project with exceptional quality and within the stipulated timelines."
Earlier, post market hours of Friday, the company said it completed the acquisition of 51 per cent of the equity share capital of Renom Energy Services. With this, Renom Energy Services has now become a subsidiary of the company, Suzlon Energy told stock exchanges.