Suzlon Group Bags 100.8 MW Wind Power Project from Everrenew Energy

By Saur News Bureau/ Updated On Mon, Jul 17th, 2023

Highlights :

The announcement of Everrenew Energy project led Suzlon Energy’s share price to rise 4 per cent
In 2023, Suzlon Energy shares gained over 71 per cent, a sharp rise against the Nifty’s rise of nearly 8 per cent

Suzlon Group Bags 100.8 MW Wind Power Project from Everrenew Energy

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Renewable energy solutions provider, Suzlon Group has recently secured a new order from Everrenew Energy Private Limited to undertake the development of a wind power project with a capacity of 100.8 MW. Suzlon will install 48 wind turbine generators (WTGs) of their S120 – 2.1 MW with a Hybrid Lattice Tubular tower at Velliyanani Phase II in Karur district and Vengaimandalam in Trichy in Tamil Nadu. The project is expected to be commissioned in March 2024.

Suzlon will supply the wind turbines (equipment supply) and supervise the execution and commissioning of the project. The Power generated from this project will target the Commercial & Industrial (C&I) consumer segment. Suzlon turbines feature the Doubly Fed Induction Generator (DFIG) technology that integrates wind turbines into the utility network to meet the grid requirements, informs the firm.

The announcement of Everrenew Energy project led Suzlon Energy’s share price to rise 4 per cent in early trade on July 17.

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Suzlon Energy reported a consolidated net profit of Rs 320 crore in the quarter that ended March 31, 2023, according to its exchange filing against a loss of Rs 205.52 crore over the same period last year. Revenue from operations fell 31.53 per cent year-on-year (YoY) in the quarter to Rs 1,694.08 crore. So far in 2023, shares of Suzlon Energy have gained over 71 per cent a sharp rise against the Nifty’s rise of nearly 8 per cent.

The firm has been on an order-winning spree. Recently, it won an order for the development of a 47.6 MW wind power project for The KP Group. Located at Viagra in the Bharuch district of Gujarat, the project is expected to be commissioned in 2024.

Venkatesh R, Chief Executive Officer, of Everrenew Energy Private Limited, said, “At Everrenew Energy, we share a common sense of purpose to shape a more sustainable future by generating clean energy for our customers. Our endeavours into wind energy projects are an extension of that commitment. We are delighted to partner with Suzlon, a leading renewable energy solutions provider with reliable technology and a great track record in India. Suzlon’s commitment to ‘Aatmanirbhar Bharat’ is reflected in their ‘Made-in-India’ products which complement our ideology. We are focused on increasing the adoption of renewable energy in the C&I segment and powering their energy transition journeys. We look forward to creating many landmark renewable energy projects in the future.”