Suzlon bags 72.5 MW wind power project from Juniper Green Energy, shares surge 5%

Suzlon's shares jumped 5 percent in trade on March 7 as the renewable energy solutions provider bagged an order  for wind power project from Juniper Green Energy.

Suzlon will develop a 72.45 MW wind power project for Juniper Green Energy. The company is set to install 23 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at the client’s site at the Dwarka district in Gujarat.

At 11.50 am, shares of the company were quoting at Rs 40.6 apiece on the BSE, higher by 5 percent compared to the previous session's closing price.

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As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project, including the erection and commissioning. Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning.

JP Chalasani, Chief Executive Officer, Suzlon Group, said, “We are delighted to announce our third order with Juniper Green Energy in just a few months. Juniper Green Energy has been a long‐standing player in renewable energy and has consistently worked towards increasing renewable energy installations in the country."

"Our comprehensive portfolio of world‐class products customised for the Indian wind regime are manufactured in the country through a thriving domestic value chain ecosystem," he added.

On March 4, reports suggested the government was weighing reverse auctions of wind capacity power.

The Ministry of New and Renewable Energy was revisiting its stance on reverse auctions, considering bringing it back as a result of undersubscription and higher tariff discovery in recent wind bids.

"After the sharp decline in capacity additions, the bidding process was changed to ‘2-parts closed bids’ in early 2023, giving a new lease of life to the sector. Current move, however undesirable from policy uncertainty perspective, is likely to have insignificant impact given the large market size (>10GW/yr) as evident from under-subscription," said JM Financial in a note.

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