Suzlon Energy shares rise 2% as renewable energy co bags 225 MW wind power project

Shares of Suzlon Energy, India's largest renewable energy solutions provider, gained 2 per cent in Friday's trade after the company said it has bagged a new order for the development of a 225 MW wind power project for Everrenew Energy Private Limited. Suzlon Energy said it would install 75 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each at the client’s sites at Vengaimandalam, Trichy district and Ottapidaram, Tuticorin district in Tamil Nadu.

This order, Suzlon Energy said, is for the company's larger-rated 3 MW, S144-140m turbines from the 3–3.15 MW product series. "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," it said.

Following the announcement, the stock rose 2.04 per cent to hit a high of Rs 39.49 on BSE. With this, the Suzlon Energy stock is up 125 per cent in the last six months and 283 per cent in the last one year.

Vice Chairman at Suzlon Group Girish Tanti said, "As India’s renewable energy ambition sets benchmarks across the world, we are honoured to partner with companies across the value chain to further their renewable energy goals. India has one of the most conducive policy environments and a thriving ecosystem from R&D and manufacturing to operations and maintenance services. Combined with one of the lowest costs of energy in the world, these factors make Indian renewables stand out in the global market."

Tanti said the project with Everrenew Energy serves the promising C&I segment of the Indian market, which will be important in driving our national targets over time.

Chief Executive Officer JP Chalasani said, “Each repeat order is a matter of pride for us. Everrenew has been a cherished customer, and we are grateful that they have reaffirmed their faith in our comprehensive and proven product portfolio, customised for the Indian wind regime."

Chalasani said the power generated from this project will be used for captive needs as well as target the Commercial & Industrial (C&I) consumer segment, creating deeper penetration of renewable energy in India.

Chief Executive Officer at Everrenew Energy R. Venkatesh said: "Partnering with Suzlon brings us great collaboration, and our repeat orders underscore our trust in their reliable technology and great track record in India. Also, Suzlon's dedication to the 'Aatmanirbhar Bharat' initiative is evident in their range of 'Made-in-India' products, aligning seamlessly with our guiding principles."

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