Renewable energy major Suzlon Group claims to have bagged "India’s largest wind energy order" of 1,166 MW from NTPC Green Energy Ltd, the renewables arm of India’s largest energy conglomerate NTPC Ltd.
Pune-based renewable energy player will 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 Ltd, a wholly-owned subsidiary of NTPC Green Energy and one project of Gujarat-based NGEL unit IndianOil NTPC Green Energy Pvt. Ltd. The company has not revealed the overall cost of the project.
Suzlon says the deal win takes its cumulative order book close to 5 GW as of September 3, 2024. "We are delighted to partner with NTPC Green Energy Ltd. This collaboration reaffirms our commitment to accelerating India’s renewable energy transition. Notably, this marks our first direct wind energy order from NGEL, signalling Suzlon’s triumphant return to the PSU customer segment,” says Girish Tanti, Vice Chairman, Suzlon Group.
Suzlon says its collaboration will feature the ‘Made in India’ S144,3.15 MW wind turbine, which will give a boost to advance local manufacturing and sustainable energy solutions. The project will be the “largest wind energy initiative” by a PSU in Gujarat, says Suzlon, adding that it’ll help NGEL achieve its target of adding 60 GW of renewable energy capacity by 2032.
As part of the deal, Suzlon will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning in Gujarat. It will also undertake operations and maintenance services post‐commissioning.
Suzlon CEO JP Chalasani said the partnership will play a fundamental role in enabling India’s energy transition. “Achieving India’s energy transition targets hinges on participation from utilities of the scale and expertise of NGEL.” He said the project is the first of many more such transformative ones between the two in the future.
Suzlon Energy Ltd shares are trading 1.82% higher at ₹76.09 on the BSE today, taking its m-cap to ₹1,03,773.14 crore. Suzlon has a total portfolio worth 20.8 GW of wind energy capacity installed across 17 countries.
The company last month acquired a 51% stake in Renom Energy Services Private Ltd for ₹400 crore to bolster its operations and maintenance (O&M) services in the wind energy sector. Suzlon plans to acquire 76% of Renom's equity in multiple phases, with the entire stake acquisition costing ₹660 crore. The company has said it would buy an additional 25% stake in 18 months for ₹260 crore. "This move will enable Suzlon to pursue O&M opportunities for over 32 GW of non-Suzlon wind energy assets in India."
Renom manages around 2.5 GW of assets, including 1,782 MW in wind energy, 148 MW in solar energy, and 572 MW in balance of plant (BOP) energy across various customer segments, with a turnover of ₹213 crore for the fiscal year ending March 31, 2024.
Suzlon Energy reported a 200% increase in profit after tax (PAT), reaching ₹302 crore in Q1 FY25, compared to ₹101 crore in the same period last year. The company's revenue surged to ₹2,016 crore in June 2024, up from ₹1,348 crore in the previous year’s quarter, marking a 50% increase. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose to ₹370 crore in Q1 FY25, compared to ₹199 crore in Q1 FY24.
