Suzlon Energy stock has increased by 125 percent in the last six months and by 283 percent in the last year, more than tripling investors’ money.
Suzlon Energy shares rose more than 2% on January 5 after the company received a new order from Everrenew Energy Private Ltd for the development of a 225-MW wind power project. It planned to install 75 wind turbine generators (WTGs) with Hybrid Lattice Tubular (HLT) towers and rated capacities of 3 MW at the client’s various sites. According to a filing by Suzlon Energy, this order is for the company’s larger-rated 3 MW, S144-140m turbines from the 3–3.15 MW product series. In Tamil Nadu, the locations for the WTGs and HLT tower are in the districts of Vengaimandalam, Trichy, and Ottapidaram, Tuticorin.
Suzlon Energy shares were up 1.4% at Rs 39.25 on the National Stock Exchange (NSE) at 1:01 PM. In the past 12 months, the stock has increased by more than three times, with gains of 125% in the last half of a year and 283 percent in the last year.
Suzlon Energy gains 2% after acquiring Everrenew Energy’s 225-MW wind energy project.
According to the terms of the agreement, Suzlon will oversee the project’s commissioning and provide the wind turbines (equipment supply). Following commissioning, Suzlon will also provide full operations and maintenance services, the company said in a statement. Vice Chairman at Suzlon Group Girish Tanti claims that India has one of the best regulatory frameworks and a thriving ecosystem that includes everything from R&D and manufacturing to operations and maintenance services.
Combined with one of the lowest energy costs in the world, these factors make Indian renewables stand out in the global market, he said, adding that Everrenew Energy serves Suzlon’s national targets and will be driven over time by the promising C&I segment of the Indian market.
Suzlon CFO Himanshu Mody recently stated in a media interview that the group was more focused on strengthening the balance sheet in FY24 and was successful in becoming debt-free. The group anticipates favorable conditions in terms of order-book availability and the ability to execute orders.
Suzlon Energy Ltd. and its subsidiaries make up the bulk of the company’s order book, which currently stands at almost two gigawatts. Presently, the manufacturer of wind turbines is concentrating on operations and fulfilling the outstanding orders. Additionally, it is actively negotiating to secure additional orders for FY25.
