Suzlon Energy shares climb 4% on 103.95 MW order; what CEO JP Chalasani says 

Shares of Suzlon Energy Ltd climbed 4 per cent in Tuesday's trade after the renewable energy transition company said it won 103.95 MW order from AMPIN Energy Transition for supplying of 33 wind turbines with a rated capacity of 3.15 MW each. The project is situated at client’s site in the Fatehgarh district in Rajasthan, with a total installed capacity of 103.95 MW, Suzlon Energy informed stock exchanges.

Following the development, the stock rose 4.09 per cent to hit a high of Rs 49.29 on BSE. The project is part of the Hybrid Project under various bids from SECI and C&I (Commercial & Industrial) customers. A project of this size can provide electricity to 85 thousand households and curb 3.38 lakh tonnes of CO2 emissions per year, Suzlon Energy said.

"This order is for the company's larger rated 3.15 MW, S144‐140m turbines from the 3 MW product series. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning. Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning," it said.

Chief Executive Officer, Suzlon Group, JP Chalasani said AMPIN Energy Transition reaffirmed its faith in his company for the crucial project in Rajasthan.

"I am glad that AMPIN Energy Transition has reaffirmed their faith in us for this crucial project in Rajasthan. It is a matter of pride for us that Suzlon’s technology, end‐to‐end solutions, and services perfectly align with our customers’ needs and expectations.”

Vivek Srivastava, Chief Executive Officer, India Business, Suzlon Group, said: “Suzlon and AMPIN Energy Transition are committed to the expansion of renewable energy in India. Going forward, we will see the industry add on increasing volumes of hybrid renewable energy projects, which will be the cornerstone of effective energy transition. We are delighted that this order is part of a larger hybrid project from SECI bids and C&I requirements. We stand committed to powering India Inc.’s growth with sustainable energy solutions."

Suzlon Energy's Independent Director Marc Desaedeleer' recently resigned amid concerns over corporate governance standards. The Independent director said Suzlon Energy's governance standards did not meet his expectations including situations where communications lacked his expectation of openness and transparency.

Suzlon Energy CEO clarified that the issues raised were soft in nature and process-oriented, which would be implemented in due course. The management reiterated that all legal and financial disclosures have been fully complied with, as per regulations.