Suzlon Energy Ltd. expects to monetise 1.3 GW of wind development rights in Andhra Pradesh over the next six months after the state government extended a project implementation agreement by two years.
The company said the development could support future order inflows as utilities increasingly move towards turnkey engineering, procurement and construction contracts for renewable projects. Suzlon also expects EPC order closures to begin accelerating from June, management said during its earnings call on Monday.
Suzlon holds development rights for 2.1 GW under the Andhra Pradesh project implementation agreement signed in 2015. Of this, 775 MW relates to a power purchase agreement signed earlier and has now reached the Andhra Pradesh Electricity Regulatory Commission for tariff fixation, Group Executive Council member JP Chalasani said on the call.
"The 775 megawatt, there are a couple of clients who are keen to take up this project once PPA gets approved," Chalasani said. "Beyond the 775 megawatt, we have 1,325 megawatt which will completely get monetized from June onwards in the next six months."
The company said Andhra Pradesh authorities had also asked whether the project could be converted into a firm and dispatchable renewable energy project, to which Suzlon had agreed. Chalasani said the company had already given its consent and pointed to an earlier precedent of FDRE tariff approval by the regulator.
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EPC Shift
Suzlon expects EPC orders to pick up as public-sector utilities increasingly move away from split contracts towards turnkey execution models, management said.
Chalasani said the company was in advanced stages of discussions for multiple EPC projects and expected order closures to begin from June. "You will significantly start hearing from June itself this quarter the EPC orders getting closed," he said.
He added that the company's peers was shifting towards turnkey EPC contracts after delays under earlier contract structures. "We understand they're now moving towards a turnkey EPC contracts," Chalasani said. "That split contracts was making the capacity addition delay."
The company said EPC orders accounted for 28% of its order book at the end of FY26, compared with about 20% earlier, and reiterated its target of increasing the share to 50% by FY28.
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Record Deliveries
Suzlon reported record deliveries of 830 MW during the March quarter and 2,456 MW for FY26, its highest annual deliveries in India, management said during the earnings call.
Consolidated revenue for FY26 rose 54% year-on-year to Rs 16,679 crore, while profit before tax increased 67% to Rs 2,422 crore. Consolidated net profit stood at Rs 3,163 crore. The company ended FY26 with an order book of 5.9 GW and a consolidated net cash position of Rs 2,384 crore, according to management.
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