Suzlon Energy shares advanced 3% on Wednesday, reaching ₹67.13 on the BSE, following the announcement of a significant wind energy project. The renewable energy leader secured a 302.4 MW order from Jindal Renewables, marking its largest cumulative commercial and industrial (C&I) order to date at 702.4 MW.
Key Highlights of the Project
The Deal
- Client: Jindal Renewables.
- Capacity: 302.4 MW, an expansion of the 400 MW order secured last month.
- Total C&I Orders: 702.4 MW in Karnataka.
Technology
- Suzlon will supply 96 S144 wind turbine generators with Hybrid Lattice Towers, each rated at 3.15 MW capacity.
Usage
- The power generated will support steel plants in Chhattisgarh and Odisha, promoting sustainable production.
Impact on Suzlon’s Business
Record Order Book
- Current order book: 5.4 GW, the highest in Suzlon’s history.
- C&I customers now account for 56% of total orders.
Stock Market Reaction
- Year-to-date (YTD) performance: Shares are up 73.08% in 2024.
- Comparison: BSE Sensex rose only 12.27% during the same period.
Financial Turnaround
- These projects signify Suzlon’s resurgence as a renewable energy leader after financial challenges in previous years.
Strategic Vision for Green Steel Production
Partnership Goals
- Accelerate decarbonization in steel production.
- Establish renewable energy as the cornerstone of industrial growth.
Leadership Statements
- Girish Tanti (Vice Chairman, Suzlon):
“This partnership underscores our commitment to India’s renewable energy goals and our ability to deliver on ambitious projects.” - Bharat Saxena (President, Jindal Renewables):
“We are proud to align with Suzlon in driving sustainability and green steel production.”
India’s Renewable Energy Ambitions
Suzlon’s latest projects align with India’s target of achieving 50% electricity generation from non-fossil fuels by 2030. Partnerships like these demonstrate the viability of integrating renewable energy into industrial operations.
Conclusion
Suzlon Energy’s partnership with Jindal Renewables solidifies its leadership in India’s renewable energy sector. With a record-breaking order book and a clear vision for sustainable growth, Suzlon is setting a new standard for green energy solutions. As India transitions to cleaner energy, Suzlon’s role will remain pivotal.
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