Suzlon Energy receives new order for a 47.6 MW wind power project; stock jumps over 3 per cent!

Suzlon takes pride in the fact that committed customers like The KP Group continue

In a dynamic and exciting morning of trading, Indian benchmark indices soared to new intraday heights, painting a promising picture for investors. The Nifty and Sensex indices boasted impressive gains of 0.60 and 0.58 percent, respectively, setting the stage for a prosperous day in the market. The prevailing green wave extended across various sectors, spearheaded by the Nifty Auto and Nifty Pharma sectors.

However, amidst this vibrant landscape, one stock has managed to capture the attention of market participants with its sudden surge. Suzlon Energy, the renowned Indian renewable energy solutions provider, experienced a remarkable jump of over 3 percent, accompanied by a substantial increase in trading volume. The stock is currently hovering around the Rs 18 mark, signaling its growing significance in the market.

So, what has ignited such fervor around Suzlon Energy? The company recently announced a significant order win for the development of a remarkable 47.6 MW wind power project in collaboration with The KP Group. This impressive venture will be located in Vagra, within the Bharuch district of Gujarat, and is scheduled to be commissioned in 2024.

Notably, the power generated by this project will cater to the Commercial & Industrial (C&I) segment for captive use, aligning with Suzlon's commitment to providing sustainable energy solutions. The positive impact of this undertaking cannot be overstated, as it has the potential to supply electricity to an astonishing 36 thousand households while simultaneously curbing an estimated 1.42 lakh tonnes of CO2 emissions annually.

Suzlon Energy's involvement in this endeavour encompasses the supply of their highly regarded S133 wind turbines, along with overseeing the project's execution and commissioning. Moreover, the company will continue its support by offering comprehensive operations and maintenance services following the project's completion.

What sets Suzlon Energy apart is its dedication to fostering domestic growth and promoting self-sufficiency. With each of its turbines manufactured within the country, relying on a robust domestic value chain, Suzlon exemplifies its commitment to realizing the vision of an Aatmanirbhar Bharat.

Elated by this latest achievement, JP Chalasani, the Chief Executive Officer of Suzlon Group, expressed his delight, stating, "We are delighted to announce a repeat order from The KP Group. The KP Group has been a long-standing player in renewable energy and has consistently worked towards increasing renewable energy adoption in the country. Suzlon takes pride in the fact that committed customers like The KP Group continue to select our leading technology and comprehensive capabilities throughout the entire wind energy value chain. The power generated from this project will serve the Commercial & Industrial (C&I) consumer segment, which is a key segment to drive deeper penetration of renewables in India. Suzlon is committed to partner with an increasing number of Indian industries, driving them toward their net-zero targets while powering the nation with sustainable energy."

The KP Group, founded by Dr. Farukbhai Gulambhai Patel in 1994, has emerged as a distinguished entity in Gujarat. Initially establishing itself as a logistics service provider, the group has now amassed an impressive combined turnover of over Rs 11 billion, with 1 GW commissioned in Renewable projects. Their commitment to renewable energy adoption aligns seamlessly with Suzlon Energy's core values, forging a formidable partnership that will contribute significantly to India's sustainable energy future.

In this rapidly evolving landscape of renewable energy, Suzlon Energy's triumphs and strategic collaborations continue to shape the trajectory of the Indian market. With a steadfast commitment to empowering industries and achieving net-zero goals, Suzlon Energy is poised to remain at the forefront of India's renewable energy revolution.