Suzlon Energy Bags Country’s Largest Wind Energy Order, Stock Jumps 2%

Suzlon has recently completed the first phase of a 76 per cent stake acquisition worth Rs 400 crore in Renom Energy Services

Outlook Business Desk

Updated on: 9 September 2024 12:54 pm

Suzlon Energy bags Wind Energy Order of 1,166 MW Photo: by freepik

Suzlon Energy has drawn the attention of eager stock investors as the shares of the company mounted over 2 per cent on Monday, following the company clinching the country’s largest wind energy order of 1,166 MW. Suzlon bagged the tender from the renewables arm of NTPC Green Energy Limited.

Although Suzlon hasn’t disclosed the cost value of the order, the current market price of a wind turbine is nearly Rs 6 crore, a MW, according to the Businessline report. Additionally, the current order has increased Suzlon’s cumulative order book to nearly 5 GW as of September 3, 2024, the company said in an exchange filing on Monday.

“Suzlon will install 370 wind turbine generators (WTGs) of the S144 model, each with a rated capacity of 3.15 MW, featuring a hybrid lattice tubular (HLT) tower. These turbines will be deployed across two projects of NTPC Renewable Energy Limited (a wholly owned subsidiary of NGEL) and one project of Indian Oil NTPC Green Energy Pvt. Ltd. (a group company of NGEL) in Gujarat,” said the company in an exchange filing.

Previously, the company issued a statement on BSE in August about its move to acquire a 76 per cent stake worth Rs 660 crore in Sanjay Ghodawat Group’s Renom Energy Services. The acquisition is scheduled to happen in two phases. The first phase has already been carried out on September 6.

The company announced that it has acquired 51 per cent equity shares worth Rs 400 crore from Renom Energy. Following the acquisition, Renom Energy has now become a subsidiary of Suzlon.

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The next phase of acquisition for a 25 per cent stake worth Rs 260 crore will happen within 18 months.

Suzlon Energy, founded in 1995, is a frontrunner in the wind energy sphere. It has, in nearly three decades of its existence, expanded its presence to 17 countries, including ones in America, Europe, Africa, and Asia.

“Sustainable development is the creed that underpins Suzlon’s bespoke initiatives to protect the environment, strengthen communities, and propel responsible growth,” said the company’s website.