Suzlon And Jindal Renewables Expand Partnership Through New Wind Project

Suzlon Energy Ltd. has expanded its partnership with Jindal Renewables through a new 302.4 MW wind power project in the Koppal region of Karnataka. This addition brings the total wind power capacity secured by Suzlon from Jindal Renewables to 702.4 MW, marking Suzlon's largest-ever commercial and industrial order from a single customer, as per a press release on Wednesday.

The latest agreement follows a 400 MW captive wind power project that Suzlon secured with Jindal Renewables in the same region last month. The two companies are focusing on accelerating India's green steel production through this collaboration, claimed the release, and aim to support the steel industry's transition towards more sustainable practices.

Under the terms of the agreement, Suzlon will supply 96 S144 wind turbine generators, each with a capacity of 3.15 MW, featuring hybrid lattice towers. The energy generated from these turbines will be used for captive consumption in steel plants located in Chhattisgarh and Odisha, promoting sustainability in steel production.

This partnership is in line with India's broader goals to achieve 50% of its electricity from non-fossil fuel sources by 2030. Suzlon's C&I customers now account for 56% of its total order book, which has reached 5.4 GW—its highest-ever order book to date, as per the press release.

The scrip rose as much as 2.68% to Rs 67.15 apiece. It pared gains to trade 2.02% higher at Rs 66.72 apiece, as of 11:25 a.m. This compares to a 0.35% advance in the NSE Nifty 50.

It has risen 76.58% on a year-to-date basis. The relative strength index was at 55.04.

Out of five analysts tracking the company, three maintain a 'buy' rating, and two recommend a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 14.3%.