New Delhi: The country’s biggest maker of wind-turbine generators, Suzlon Energy Ltd, on Monday said it is entering the solar energy sector.
“We are exploring the solar energy sector as India has enormous opportunity in solar and wind power,” Suzlon Energy chairman and managing director Tulsi Tanti said on the sidelines of the India Economic Summit in New Delhi.
Branching out: Chairman and MD of Suzlon Energy Tulsi Tanti at the India Economic Summit in New Delhi on Monday. He said the global credit crisis has slowed orders for turbines. Pankaj Nangia / Bloomberg
The company has established sites for developing solar power plants. “We have identified sites in Gujarat and Rajasthan,” he said, adding that roughly 10 acres of land is required for 1MW solar power generation. He, however, declined to give any financial details.
Separately, Tanti said the company will tap cash on hand and debt to buy Martifier’s stake in its German unit REpower Systems by May. “It was originally scheduled for May. We had accelerated it to December, but we are going with the original schedule,” Tanti said.
Last month Suzlon suspended a $360 million (Rs1,764 crore) rights issue, the proceeds of which it had planned to use to partly fund the stake buy. The company, which expects orders to increase from January, currently has orders valued at Rs15,000 crore, Tanti said. The global credit crisis has slowed orders for turbines, he said.
The company’s net profit declined by 95.22% to Rs16.98 crore for the second quarter ended 30 September, compared with the corresponding period a year ago.
(Reuters and Bloomberg contributed to this story.)