Suzlon Share Price Update Dec 28, 2023: Stock Up Over 3% On Securing New Order; Check Details

The share price of Suzlon Energy Limited jumped over 3% higher in the intraday trading on Thursday (December 28) after the company informed that it has received an order for the development of a 300-MW wind power project for Apraava Energy.

Suzlon Energy shares were seen trading 3.10% higher at Rs 38.20 per share at 12:51 pm IST today.

In an exchange filing on Thursday, the renewable energy solutions provider said that it has bagged a new order for the development of a 300 MW wind power project for Apraava Energy Private Limited. Suzlon will install 100 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each at the client's site in the state of Karnataka.

The order is for the company's larger rated 3 MW, S144‐140m turbines from the 3 MW product series. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and supervise the project including commissioning. Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning.

Commenting on this development, JP Chalasani, Chief Executive Officer, Suzlon Group, said that the electricity generated from this project will be used to support Uttar Pradesh Power Corporation Ltd. (UPPCL) to increase the reach of renewable energy in the country.

Rajiv Ranjan Mishra, Managing Director, Apraava Energy said, "Apraava is pleased to partner with Suzlon to build our newly secured wind project in Karnataka, in line with the highest operational standards."

Suzlon Energy Share Price Performance:

In the last one year, returns from Suzlon Energy have increased 18.92%. The share price of Suzlon Energy has gained 13.33% in the last six months. The stock's last two years and three years performance has increased 25.11% and 52.97% respectively.

About Apraava Energy:

Apraava Energy is an integrated energy solutions provider, jointly owned by the CLP Group - one of the largest investor‐owned power businesses in Asia and Caisse de dépôt et placement du Québec (CDPQ) - a global investment group. The company's portfolio comprises 3,150 MW of installed capacity which includes 1176 MW of wind and 250 MW of solar energy projects, a 1320 MW coal‐fired supercritical power plant, and two power transmission assets spread across 11 states.

Apraava Energy has committed itself to low‐carbon businesses to address the rising climate change issues. The company aims to invest in low‐carbon growth areas, including renewable energy, power transmission and distribution, as well as other non‐generation, customer‐focused energy businesses.

About The Suzlon Group

The Suzlon Group is one of the leading renewable energy solutions providers in the world with ~20.3 GW* of wind energy capacity installed across 17 countries. A vertically integrated organization, 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 over 6,000 employees. Suzlon is also India's No. 1 wind energy service company with the largest service portfolio of over 14.3 GW in wind energy assets.