Suzlon Energy shares price up by 4% on a 100.8 MW order from Everrenew Energy

Suzlon Energy's share price is up by 4%, a leading renewable energy company in India, the shares increased after the announcement of a major contract win from Everrenew Energy Private Limited. The news of securing the order resulted in a 4% surge in the company's stocks during early trading on July 17.

The recently acquired contract involves the development of a 100.8 MW wind power project for Everrenew Energy, solidifying Suzlon's position as a trusted provider of sustainable energy solutions. The project will include the installation of 48 modern S120 – 2.1 MW wind turbine generators (WTGs) with Hybrid Lattice Tubular towers.

The project sites will be located in Velliyanani Phase II in Karur district and Vengaimandalam in Trichy, Tamil Nadu, with an expected completion date in March 2024. Suzlon Energy will handle the supply of wind turbines and oversee the project's execution and commissioning.

CEO JP Chalasani expressed his enthusiasm for winning the order, highlighting Suzlon's commitment to supporting India's renewable energy sector and the transition to a net-zero future. The project aims to generate power for the Commercial & Industrial (C&I) consumer segment, encouraging greater adoption of clean energy in India.

This recent achievement follows another significant contract win for Suzlon Energy on July 11. The company secured a deal to develop a 47.6 MW wind power project for The KP Group, which will be located in Vagra, Bharuch district, Gujarat. The project is expected to be completed in 2024.

In addition to these successful order wins, Suzlon Energy reported strong financial performance in the fourth quarter of the fiscal year. According to the company's exchange filing, it recorded a consolidated net profit of Rs 320 crore for the quarter ending March 31, 2023, a significant improvement compared to a loss of Rs 205.52 crore during the same period last year. However, the company's revenue from operations declined by 31.53% year-on-year in the quarter, reaching Rs 1,694.08 crore.

Suzlon Energy's recent contract wins and improved financial performance highlight the company's growing prominence in India's renewable energy sector. With a focus on clean and sustainable solutions, Suzlon continues to contribute to India's renewable energy goals and the development of a greener future.