Midcap Renewable Energy Company Wins 201.6 MW Order, Stock Zooms 4.14%

Midcap renewable energy provider company Suzlon Group on August 25, in an exchange filing announced that it has secured a significant order for its 3 MW series of wind turbines from Teq Green Power XI Private Limited, a subsidiary of O2 Power Private Limited.

Suzlon will install 64 of its largest wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each for the 201.6 MW wind power project. The project is expected to be commissioned in 2025, the company said.

Further, Suzlon will supply the wind turbines (equipment supply) and execute the project including erection and commissioning. Suzlon will also provide operation and maintenance services post‐commissioning.

Meanwhile, on August 24, the company also secured an order. The company has informed that it has secured a new order of 31.5 MW from Integrum Energy Infrastructure Private Limited to supply 15 wind turbines with a rated capacity of 2.1 MW each. The project to be installed in Maharashtra and Karnataka with a total installed capacity of 31.5 MW.

Suzlon Energy on Friday zoomed 4.14%, ended at Rs 22.38 per share on BSE. Stock jumped 13.09% in the past 1 week. It has given multibagger returns of 128.60% in 3 months and 165.48% in 6 months, respectively. In 1 year, it gave 188.03% multibagger return. The market cap of Suzlon Energy is Rs 30,356.37 Crore.

Girish Tanti, Vice Chairman, Suzlon Group said, "We are delighted to welcome Teq Green Power XI Private Limited, part of O2 Power Private Limited as our esteemed customer through this project. As corporate India embraces renewable energy and India's ambitions to be carbon neutral, we are committed to partnering with them every step of the way. With an extremely conducive policy environment this order from Teq Green Power XI Private Limited is a testament of India Inc's commitment to building a sustainable India. The Suzlon 3 MW series is the next stage evolution of our proven technology, customized for the Indian wind regime and 3.15 MW is one of the largest wind turbines in the country today."

JP Chalasani, Chief Executive Officer, Suzlon Group said, "We are happy to announce our first order from Teq Green Power XI Private Limited, part of O2 Power Private Limited. With increasing commitment to renewables and rising demand, it is heartening to see more customers joining the Suzlon family. At Suzlon our customers are at the heart of everything we do. This order demonstrates the trust that customers have in Suzlon's expertise as well as our 3 MW series of products. We believe that our 3 MW series will be a true game changer for the sector to accelerate and scale up wind energy installations in the country in line with our national targets of 500 GW non‐fossil fuel installations by 2030."

Parag Sharma, Founder and Chief Executive Officer, O2 Power Private Limited said: "This partnership with Suzlon for their 3.15 MW turbines for our wind energy project, represents a milestone in our capability enhancement goals, and reflects our determination to work with the best available technologies in our nation‐building journey. Clean energy generated by this wind park will play a massive role in providing reliable green power to key industries, while contributing greatly to India's net‐zero goals. We look forward to creating many more similar milestones in the future."

Rakesh Garg, Founder and Head Wind, O2 Power Private Limited said: "We are committed to contributing significantly to India's renewable energy targets and are delighted to partner with Suzlon and glad to have them as our partners in continuing our journey towards greener future with this project. Suzlon is closely aligned to the ideology of O2 Power of building a sustainable India through cost‐effective, made in India, renewable energy solutions of highest quality and safety standards."

About - O2 Power Private Limited

O2 Power, a renewable energy company, aims to scale up to a sizeable portfolio capacity with good quality off‐takers including greenfield projects and selective M&A. Since 2020, the company has built a pipeline of ~2.5+ GW of renewable energy assets that is diversified across off‐takers and spreads across major renewable energy states of India serving both commercial and industrial customers. On a strong growth trajectory with a solid foundation, O2 Power has thereby secured its rightful place amongst energy industry peers as one of the fastest growing renewable energy organizations in the country.

About - The Suzlon Group

The Suzlon Group is one of the leading renewable energy solutions providers in the world with more than 20 GW* of wind energy capacity installed across 17 countries. Headquartered at Suzlon One Earth in Pune, India; the Group comprises of Suzlon Energy Limited (NSE: SUZLON & BSE: 532667) and its subsidiaries. A vertically integrated organisation, with in‐house research and development (R&D) centers in Germany, the Netherlands, Denmark and India, Suzlon's world‐class manufacturing facilities are spread across 14 locations in India. With over 28 years of operational track record, the Group has a diverse workforce of nearly 6,000 employees. Suzlon is also India's No. 1 wind energy service company with the largest service portfolio of over 14 GW of wind energy assets. The Group has ~6 GW of installed capacity outside India. The 3 MW Series wind turbine technology platform is the latest addition to its comprehensive product portfolio.