Home / Industry / Energy /  Suzlon regains top spot in wind-turbine market
Back

New Delhi: Suzlon Energy Ltd regained its position as India’s top wind-turbine supplier as agreements with lenders allowed it to complete orders in a resurgent market.

The Pune-based manufacturer installed 403 megawatts (MW) of turbines in the year ended 31 March of a total 2,055MW, according to data compiled by the Indian Wind Turbine Manufacturers’ Association and obtained by Bloomberg News. IWTMA secretary-general D.V. Giri verified the figures.

Spain’s Gamesa Corp. Tecnologica SA climbed four spots to No. 2 with 396MW of installations, almost quadruple the previous year, according to the figures.

Turbine makers are benefiting from India’s decision in August 2013 to revive a subsidy that is helping Asia’s second-biggest wind market recover from a record 42% drop in installations in the fiscal year ended March 2013. Installations in 2014 are set to rise 35% to 2.3 gigawatts, according to Shantanu Jaiswal, a Delhi-based wind analyst for Bloomberg New Energy Finance.

Suzlon lost the top spot last year for the first time in at least a decade as it struggled to carry out orders after committing India’s biggest convertible-bond default. The company’s shares have almost tripled since January, leading gains in global wind-energy stocks, on expectation that a five-year extension on bond repayments and a new, pro-clean-energy government in India will help it recover.

Suzlon shares fell 2.3% to 29.8 in Mumbai today as of 11.48am.

Wind World (India) Ltd, formerly known as Enercon (India) Ltd, was third with 354MW. Denmark’s Vestas Wind Systems A/S, the world’s biggest wind turbine maker and one of the first to enter the Indian market, installed 80MW to retain the seventh position. Bloomberg

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout