Suzlon Energy climbs on securing new order

Suzlon Energy gains on securing new order from ReNew Power, an Independent Power Producer (IPP) company

Shares of Suzlon Energy have gained 2% to Rs 21 on the Bombay Stock Exchange (BSE) after securing new order from ReNew Power, an Independent  Power  Producer  (IPP)  company.  The company will  install its  597  90m  WTGs  (wind turbine generator) with rated capacity of 2 MW at Ellutla site in Ananthpur  district, Andhra  Pradesh (AP). 

The project will provide electricity to 6,000 households  and limit  0.195  million tonnes  of C02 emissions annually. Suzlon is experiencing strong traction in order inflow and this recent 90 MW order from ReNew Power boosts its new order intake in the first quarter of FY 2016 to over 190 MW from leading IPPs. 

“Our mission is to play a pivotal  role  in meeting India's growing energy  needs, which requires  us to  partner with companies such as Suzlon that have a strong foothold in the Indian market. ReNew Power,today has clean energy assets of more than 1000 MW of commissioned  and under-construction projects. As a leading energy company in India, looking to rapidly expand  business with highly efficient operations that support our growth objective, ReNew Power is pleased to associate with Suzlon as our partner of choice for developingthis project in Andhra Pradesh, “Sumant Sinha, Chairman & CEO, ReNew Power commented on the development.

The stock opened at Rs 21 and touched a high of Rs 22 on the BSE.