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Business News/ Markets / Stock Markets/  Multibagger Suzlon Energy stock hits 5% upper circuit after company secures new wind power project
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Multibagger Suzlon Energy stock hits 5% upper circuit after company secures new wind power project

Suzlon Energy's shares surged by 5% as it announced a significant order win for 402 MW from Juniper Green Energy. The company will install 134 wind turbine generators at a site in Rajasthan, aiming to support India's renewable energy goals.

Suzlon Energy: The company's shares have been on an upward trajectory in recent years, fueled by the company's successful order wins in the wind energy sector and its dedicated efforts to achieve debt-free status. (Pixabay)Premium
Suzlon Energy: The company's shares have been on an upward trajectory in recent years, fueled by the company's successful order wins in the wind energy sector and its dedicated efforts to achieve debt-free status. (Pixabay)

Shares of Suzlon Energy, India's largest renewable energy solutions provider, were locked in the 5% upper circuit limit in today's trading session at 46.25 apiece after the company announced a significant order win.

The company today announced orders for 402 MW from Juniper Green Energy for the 3 MW series. Suzlon will install a total of 134 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW at the Suzlon proposed site at Fatehgarh in Rajasthan.  

These are repeat orders from the customer 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 and execute the operations and maintenance services post commissioning. 

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Girish Tanti, Vice Chairman, Suzlon Group, said, "Juniper Green Energy has been a long-term, repeat customer for us, and we are delighted to partner with them again. This order helps us expand our footprint in Rajasthan. The electricity generated from these projects will help realise the vision of the Rajasthan government to serve the people of the state with green energy."

"Suzlon's proven product portfolio, customised for the Indian wind regime, is dedicated to reducing the cost of energy while increasing the affordability and accessibility of renewable energy in line with our national targets. At Suzlon, we are committed to India's renewable ambitions while staying true to the vision of ‘Make in India’ and an Aatmanirbhar Bharat," Tanti added. 

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This marks the second order from Juniper Green Energy within 3 months, following a 72.45 MW wind power project awarded in March. Additionally, Suzlon secured a 30 MW wind power project from EDF Renewables during the same month, further strengthening its position in the wind energy sector. 

Meanwhile, the company's shares have been on a bull run in recent years, fueled by the company's successful order wins in the wind energy sector and its dedicated efforts to achieve debt-free status. 

These factors have instilled confidence among investors, contributing to a 444% surge in the company's share value over the past year. For the first time after nearly 13 years, the stock on February 02, crossed the 50 mark.

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India set an ambitious goal of installing 500 GW of non-fossil fuel capacity by 2030, achieving net-zero emissions by 2070, and meeting 50% of its electricity needs from renewable energy sources by 2030.

As part of these objectives, the Ministry of New and Renewable Energy (MNRE) has established a target of installing 100 GW of wind energy capacity by 2030, placing renewable energy companies in a favorable position.

 

Disclaimer: We advise investors to check with certified experts before taking any investment decisions 

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Published: 22 May 2024, 11:51 AM IST
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