Suzlon Energy shares jump 5% on 402MW order

Shares of Suzlon Energy rose as much as 5% on Wednesday after India’s largest wind turbine manufacturer bagged a new order win for the development of 402-megawatt wind energy projects for Juniper Green Energy.

Suzlon will install a total of 134 wind turbine generators with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW for both projects at the Suzlon proposed site at Fatehgarh in Rajasthan.

These are repeat orders from the customer for the company's larger rated 3 MW, S144‐140m turbines from the 3 MW product series, it says in a regulatory filing.

As part of the agreement, Suzlon will supply the wind turbines and execute the project including foundation, erection, and commissioning. Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning.

Reacting to the development, shares of Suzlon Energy rose 4.9% to hit a high of ₹46.23 on the BSE. The stock opened at ₹44.30 against its previous closing price of ₹44.03. The company’s market cap is over ₹62,000 crore. Suzlon Energy has gained 399% over the past year.

Suzlon says projects of this size can provide electricity to around 3.31 lakh households and curb around 13.07 lakh tonnes of CO2 emissions per year.

“Juniper  Green  Energy has  been  a  long‐term,  repeat customer for us, and we are delighted to partner with them again. This order helps us expand our footprint in Rajasthan. The electricity generated from these projects will help realise the vision of the Rajasthan government to serve the people of the state with green energy,” says Girish Tanti, vice chairman, Suzlon  Group.

“Suzlon's proven product portfolio, customised for  the Indian wind  regime, is  dedicated  to  reducing  the  cost  of energy while increasing  affordability  and accessibility of  renewable energy in line with our national  targets. At Suzlon, we are committed  to India's renewable ambitions while staying true to the vision of ‘Make in India’ and an Aatmanirbhar Bharat,” Tanti says.

JP Chalasani, chief executive officer of Suzlon Group, says, “We are delighted to announce multiple repeat orders with Juniper Group in the last one year. Juniper, a leading Indian Independent Power Producer (IPP) of great repute, has consistently worked towards increasing renewable energy installations in the country. Suzlon takes pride in the fact that committed customers like Juniper Green Energy continue to choose our leading technology and comprehensive capabilities throughout the entire  wind energy value chain.”

“Suzlon’s unmatched technology and comprehensive EPC capabilities help us fulfill our vision of building a sustainable India through cost‐effective, Made in India renewable energy solutions,” says Naresh Mansukhani, chief executive officer, Juniper Green Energy Private Limited.