HomeEconomySuzlon Energy Rallies Over 4% On Winning Wind Power Project Order; Details...

Suzlon Energy Rallies Over 4% On Winning Wind Power Project Order; Details – News18

Last Updated: October 27, 2023, 14:26 IST

Suzlon Energy shares jumped 4.5 per cent on Friday’s session after the company bagged an order for their 3 MW series turbines from Juniper Green Energy Pvt Ltd of 50.4 MW.

The wind power project of the 3 MW product series for the development of a 50.4 MW for Juniper Green Energy Private Limited.

Suzlon will install 16 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower of their new product with a rated capacity of 3.15 MW each.

The project is located at Dwarka district in Gujarat and is expected to be commissioned in 2025.

This is the repeat order for the company’s largest turbine rated 3.15 MW, S144‐140m from the 3 MW series.

As per the terms of the agreement, Suzlon will carry out the project, including project execution, construction, and commissioning, and deliver the wind turbines (equipment supply). After commissioning, Suzlon will also offer full operations and maintenance services.

“We are delighted to announce our second order with Juniper Green Energy Private Limited in a short period of time for our 3 MW series. Juniper Green Energy is a committed renewable energy independent power producer (IPP) player in India with a comprehensive wind, solar and hybrid power projects. We are honored that they have partnered with us again for their wind energy project.

The electricity from this project will serve the people of Gujarat, helping us deepen our contribution to the state. Suzlon is committed to serve our customers and the nation with our proven technology, extensive experience, and service excellence in India. We look forward to a continued partnership with Juniper Green Energy in their journey towards a greener India,” said JP Chalasani, Chief Executive Officer, Suzlon Group.

The stock has been in a bull run since September 14 and has gained over 47 per cent so far. As per trendlyne data, Suzlon share rose 286.31 per cent and outperformed its sector by 226.65 per cent in the past year.

Earlier brokerage house, JM financial said that with favourable conditions for the industry, a deleveraged balance sheet, and a healthy order book, it anticipates a significant improvement in the company’s performance in the future.

The brokerage house initiated coverage on the stock with buy stance. However, the stock crossed the brokerage’s target price in today’s session and at current levels, it is trading 8.3 per cent higher than the brokerage’s target price of Rs 30.

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