Shares of Suzlon Energy Ltd climbed 3 per cent in Wednesday's trade after the renewable energy solution provider said it has expanded partnership with Jindal Renewables for an additional 302.4 MW wind project to accelerate green steel production.
With this, Suzlon Energy now has India’s largest cumulative commercial and industrial (C&I) order from a single customer, totaling 702.4 MW in Karnataka. Last month, Jindal Renewables partnered with Suzlon Energy for 400 MW order in the Koppal region.
The stock advanced 2.62 per cent to hit a high of Rs 67.13 on BSE. The stock is up 73.08 per cent in 2024 so far against 12.27 per cent rise in the BSE Sensex during the same period.
"Last month, Suzlon secured a 400 MW captive wind power project with Jindal Renewables in the same region, highlighting the strategic collaboration between the two companies. Commercial and Industrial (C&I) customers now account for 56 per cent of Suzlon’s total order book, which stands at a record 5.4 GW—Suzlon’s highest‐ever order book to date," it said.
Under the strategic agreement, Suzlon Energy would supply 96 state‐of‐the‐art S144 wind turbine generators (WTGs) with Hybrid Lattice (HLT) Towers, each rated at a 3.15 MW capacity. The energy generated will be utilised for captive consumption in steel plants located in Chhattisgarh and Odisha, enhancing their operational sustainability and contributing to India's green energy transition.
Suzlon's Vice Chairman, Girish Tanti, said, "We are delighted to announce the repeat order from Jindal Renewables, which further strengthens our partnership and underscores the trust they have placed in us. This collaboration will propel our joint green steel mission forward, while significantly contributing to India's ambitious renewable energy target of 50% electricity from non‐fossil fuels by 2030."
Jindal Renewables President, Bharat Saxena, said, “This project aligns perfectly with our commitment to driving sustainability and decarbonisation in the steel industry. Partnering with Suzlon for lower emission steel production is just the beginning—there will be many more such initiatives as we continue to lead the way in adopting renewable energy solutions."
Suzlon Group CEO JP Chalasani said initiatives like this are critical for transforming hard‐to‐abate sectors, such as steel, into models of sustainable growth.
"The integration of renewable energy into industrial operations is not just an opportunity but a necessity for a cleaner and greener future. We encourage more organisations to reimagine their operations and embrace renewable energy solutions. Partnerships like ours with Jindal Renewables set a benchmark for how industries can innovate to meet both economic and environmental goals," he said.