Suzlon Energy Wins Major Order; Stock Gains 4%
Suzlon Energy Ltd. has secured a significant order worth *103.95 MW from AMPIN Energy Transition*, marking the fourth major order win for the wind turbine manufacturer in the last month. This latest success has led to a 4% increase in Suzlon's stock.
Key Details of the Order
- Order Size : 103.95 MW
- Client : AMPIN Energy Transition
- Project Specifications : Supply of 33 wind turbines, each with a rated capacity of 3.15 MW.
- Turbine Model : S144-140 turbines from the 3 MW product series.
- Location: Fatehgarh district, Rajasthan.
- Impact: The project can provide electricity to nearly 85,000 households and reduce approximately 3.38 lakh tonnes of carbon dioxide emissions per year.
Project Execution
Suzlon will not only supply the wind turbines and handle the project execution, including erection and commissioning, but also undertake comprehensive operations and maintenance services post-commissioning.
CEO's Statement
"Going forward, we will see the industry add on increasing volumes of hybrid renewable energy projects, which will be the cornerstone of effective energy transition," said Vivek Srivastava, CEO of Suzlon Group's India business.
Recent Orders
This order is part of a series of significant wins for Suzlon in the past month:
- May 22, 2024: 402 MW from Juniper Green Energy.
- May 29, 2024: 551 MW from the Aditya Birla Group.
- May 31, 2024: 81.9 MW from Oyster Green Hybrid.
- June 11, 2024: 103.95 MW from AMPIN Energy Transition.
Corporate Governance Update
Suzlon was recently in focus after an independent director resigned over the weekend, citing corporate governance issues but praised the company's financial performance.
"We appreciate Mr. Desaedeleer's contributions to the Company over the past years and are thankful that he had expressed satisfaction with the Company’s operational and financial performance over the past eighteen months. Suzlon emphasizes its commitment to adhering to all regulatory norms and maintaining proactive disclosures and compliance. The Company takes Mr. Desaedeleer’s suggestions on procedural enhancements constructively and will continue its journey towards enhanced operational performance," Suzlon said in response to CNBC-TV18.
Market Reaction
Shares of Suzlon are trading 2.7% higher at ₹48.67, although off the day's high. The stock has increased nearly 30% so far in 2024.
Stay tuned for more updates on Suzlon Energy and its market performance.
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