Shares of wind energy solutions provider Suzlon Energy on Wednesday rallied 3% to hit an intraday high of Rs 67.3 on the BSE after the company announced an extended partnership with Jindal Renewables.
This latest development comes after Suzlon secured a 302.4 MW wind power project order from Jindal Renewables subsidiary JSP Green Wind 1 Pvt Ltd in Koppal region of Karnataka. The project aims to accelerate India’s green steel production.
Suzlon Energy now has its largest ever commercial and industrial (C&I) order from a single customer, after it secured a 400 MW captive wind power project from Jindal Renewables in the same region of Karnataka last month.
C&I customers now account for 56% of Suzlon’s total order book, at an all-time high of 5.4 GW.
As per the agreement, Suzlon will supply 96 state-of-the-art S144 wind turbine generators (WTGs) with hybrid lattice (HLT) towers, each having a capacity of 3.15 MW.
The energy generated through this will be used for captive consumption at steel plants located in Chhattisgarh and Odisha, enhancing the company’s operational sustainability.
Girish Tanti, Vice Chairman, Suzlon Group, said, “This collaboration will further our joint green steel mission, while significantly contributing to India’s ambitious renewable energy target of achieving 50% electricity from non-fossil fuels by 2030.”
Jindal Renewables is working on about 3 GW of renewable energy projects in India, with power off-take agreements already in place.
According to the statement, the company plans to expand to about 12 GW by 2030, including energy storage and green hydrogen generation, with the aim of becoming one of the country’s leading players in decarbonisation.
“Decarbonisation of the steel sector is a critical area requiring intervention if we are to achieve India’s renewable energy goals,” Suzlon Group chief executive officer J P Chalasani said. “I am confident this partnership will inspire many industry players to re-evaluate their operations, as we collectively work towards a more sustainable future.”
At 11:25 am, the stock was trading 2.8% higher at Rs 67.24 on the BSE. With its shares having gained 76% so far in 2024 and 616% in the last two years, the company currently has a market capitalisation of Rs 91,798 crore.
