Suzlon Energy Shares Rise After Securing Wind Power Project
In addition to supplying, supervising and commissioning, the company will also undertake post-commissioning operation and maintenance services.
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Shares of Suzlon Energy Ltd. rose on Thursday after it received a new wind power project order from the KP Group.
The renewable energy solutions provider will supply 92 units of their S120-2.1 MW wind turbine generators, with a 140m Hybrid Lattice Tubular tower at Vagra and Vilayat in Bharuch district of Gujarat. In addition to supplying, supervising and commissioning, the company will also undertake post-commissioning operation and maintenance services, an exchange filing said.
The order will be part of the wind-solar hybrid and state transmission utility tariff-based project, that will help increase the renewable energy contribution in Gujarat.
"With an extremely conducive policy environment offered by Gujarat, this order from the KP Group is a testament of India Inc's commitment to building a sustainable India. It is heartening to see the private sector step up to the task with such enthusiasm, especially through the C&I segment that will help MSME to become globally competitive by switching to green power," said Girish Tanti, vice chairman of Suzlon Group.
![Suzlon Energy Shares Rise After Securing Wind Power Project](https://media.assettype.com/bloombergquint%2F2023-12%2F2561fa2f-2d51-4b5c-9705-abb9b6b94ba0%2FSUZLON__2_.png?auto=format%2Ccompress)
Shares of Suzlon Energy rose as much as 4.49%, before paring gains to trade 3.93% higher at 1:56 p.m., compared to a 0.25% advance in the NSE Nifty 50.
The stock has risen 248.58% year-to-date. Total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 47.
The two analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 262.7%.