Suzlon Energy rallies on tie up with Mitsui & Co for 106MW wind farm in Australia

Posted By: Religare
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Suzlon Energy rallies on tie up with Mitsui & Co
Shares of Suzlon Energy Ltd gained as much as 9.4 per cent in the morning trade on Bombay Stock Exchange (BSE) after the company announced its subsidiary REpower Systems SE inked contract with Mitsui & Co (Australia) Ltd. to deliver 52 wind turbines with a total rated output of 106.6 megawatt (MW) for the Bald Hills wind farm in Victoria, Australia.

At 11:50 hours, shares of the company were trading at Rs 9.65 a piece, up 5.7 per cent from previous close on BSE. "It is the first contract for REpower with Mitsui & Co, and marks the largest EPC contract,commonly referred to as a full-turnkey contract, for REpower in Australia to date," said Suzlon in a statement.

Commenting over the development, REpower System's CEO Andreas Nauen said, "This contract is a milestone for our business in Australia. After a considerable effort of planning, we now look forward to delivering the Bald Hills Wind Farm in collaboration with Mitsui. We appreciate the trust they have in REpower and our technology and look forward to a long-term collaboration."

Dion Global Solutions Ltd.

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