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Published: June 8, 2023
Updated: June 8, 2023

Suzlon Energy Surges to Over 5-Year High, Achieving 20 GW Wind Energy Milestone

Suzlon Energy, India's largest renewable energy solutions provider, experienced a remarkable surge in its stock price, soaring 18% to reach a five-year high of Rs 14.39 in heavy trading volumes. This surge brings the stock to its highest level since February 2018, amidst positive market sentiment.

Record-Breaking Milestone: 20 GW Wind Energy Installations:

Suzlon Energy proudly announced crossing the milestone of 20 GW wind energy installations, achieved through the successful installation of 12,467 wind turbines across 17 countries. This remarkable accomplishment solidifies Suzlon's position as a significant global player in the wind energy sector. The company's Vice Chairman, Girish Tanti, expressed pride in this achievement and emphasised the significance of an Indian company setting global benchmarks with domestically manufactured turbines.

Renewable Energy Landscape in India:

According to the Ministry of New and Renewable Energy (MNRE), India currently has a total renewable energy capacity of 168.96 GW, with various projects at different stages of implementation. This includes 64.38 GW of solar power, 51.79 GW of hydro power, 42.02 GW of wind power, and 10.77 GW of bio-power. Suzlon, as the first Indian wind energy company to reach the 20 GW mark, holds a significant 33% market share in India's wind energy sector.

Strengths and Future Prospects:

Suzlon's improved financial position can be attributed to its Operation and Maintenance Service (OMS) and Wind Turbine Generator (WTG) arms, along with favourable industry conditions, restructuring efforts, successful refinancing, and a well-received rights issue. The company's diverse portfolio, ranging from 225KW to the newly-launched 3MW-S414 series, contributes to a healthy order book.

Positive Industry Developments:

Analysts at Emkay Global Financial Services highlight recent positive developments in the industry, such as the government's plan to invite annual wind capacity bids of approximately 10 GW across eight windy states. Additionally, single-stage closed bids and an ISTS (Interstate Transmission System) waiver for 25 years provide a promising trajectory for the wind energy pipeline.

Suzlon Energy's surge to a five-year high and the achievement of its 20 GW wind energy milestone reflect its strong presence and influence in the renewable energy sector. With a diverse product portfolio, successful installations worldwide, and favourable industry conditions, Suzlon is well-positioned for future growth and continued contributions to India's renewable energy targets.