Suzlon Energy shares jump over 4% on wind power project win

Suzlon Energy shares jump over 4% on wind power project win

Suzlon Energy jumped over 4% after the company bagged a wind power project from Everrenew Energy. The stock was last trading at Rs 18.25, tantalisingly close to its 52-week high.

The order win is for the development of a 100.8 MW wind power project, where 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 Tamil Nadu.

The project is expected to be commissioned in March 2024. Suzlon will supply the wind turbines and supervise the execution and commissioning of the project.

The power generated from this project will target the commercial and industrial (C&I) consumer segment, creating deeper penetration of renewable energy in India.

Suzlon said it is committed to driving Indian industries towards net‐zero targets and powering the domestic economy with green energy.

The company's shares have been among the top performers on the Street with a nearly 70% gain so far this year.

The company's board recently approved a fundraising plan of up to Rs 2,000 crore through the issuance of equity shares and/or convertible bonds (CBs) or other non-convertible debt instruments.

The funds will be raised in one or more tranches through private offerings or qualified institutions placement.

ICICI Securities believes that Suzlon Energy is best equipped to benefit from industry tailwinds and expects a sharp uptick in earnings from FY24 onwards.

The brokerage has a target price of Rs 22 on the stock.

India has launched a series of policy initiatives like single-stage closed bidding (vs reverse e-auction), 10GW of wind auction per annum, and wind-specific RPOs, etc. These policies are likely to generate tailwinds for the industry, and Suzlon Energy is best suited to reap the benefits of the same.

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