Suzlon Energy stock snaps 5-day losing streak, gains over 4.5% on securing new wind power project
Suzlon Energy, the country's largest renewable energy solutions provider, jumped 4.60% in today's intraday trade to ₹40.50 apiece after the company bagged a new wind power project. Also Read: Suzlon Energy share slumps 5%, down 15% in last one month; Here's why In today's exchange filing, the company said it received a 72.45 MW wind power project from Juniper Green Energy Private Limited. The company will install 23 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each.
This order is for the company's larger, rated 3.15 MW S144–140m turbines from the 3 MW product series. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning. The company said it will also undertake comprehensive operations and maintenance services post commissioning.
Also Read: IREDA stock tumbles 32% from all-time high; is there more pain ahead? Last week, the company received a 30 MW wind power project from EDF Renewables, and this order was also for its largest turbine series. Suzlon has been bagging significant orders in the wind energy sector, and the company aims to become debt-free. The company is present in all windy states in India, and its wind order book is on an upward trajectory.
It grew from 652 MW in Q4 FY23 to 3,157 MW as of January, providing good visibility of revenue. Amid strong order wins and improved financials, the stock over the last one year gained 370%. For the first time after nearly 13 years, the stock on February 02, crossed the ₹50 mark.
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