Shares of Suzlon Energy experienced a downturn in afternoon trading on Thursday, despite the renewable energy firm securing a substantial 201.6 MW wind power order from Waaree Group's independent power producer (IPP) arm, Waaree Forever Energies Pvt Ltd.
The stock declined by 1.40% to Rs 52.21, down from its previous close of Rs 52.99, bringing Suzlon Energy's market capitalization to Rs 72,127 crore.
Project Details and Scope
The newly awarded project will be executed in Andhra Pradesh. This latest win significantly boosts Suzlon's order book in the state, bringing it close to 1 GW. Under the terms of the agreement, Suzlon will install 64 of its flagship S144 wind turbine generators (WTGs), each boasting a rated capacity of 3.15 MW.
Suzlon's comprehensive offering for the project includes full Engineering, Procurement, and Construction (EPC) services. This encompasses land acquisition, turbine supply, Balance of Plant (BoP), commissioning, and ongoing lifetime operations and maintenance services.
Strategic Importance and Industry Shift
Girish Tanti, Vice Chairman of the Suzlon Group, emphasized the strategic importance of this collaboration. He noted that the partnership unites two companies whose growth trajectories have mirrored the evolution of India’s renewable energy sector. Waaree has been a pioneer in solar, while Suzlon has led in wind energy, both establishing world-class manufacturing ecosystems and a strong global presence.
“As both evolve into integrated renewable energy leaders, this partnership reflects the industry’s future —where customers seek integrated solutions, not standalone technologies, and where the DevCo business model is gaining strong momentum,” Tanti stated.
This marks Suzlon's second consecutive DevCo-led EPC order, signaling a broader industry trend towards the DevCo model for its efficiency in faster execution and project de-risking.
About Suzlon Energy
The Suzlon Group is a prominent global provider of renewable energy solutions, with approximately 21.5 GW of wind energy capacity installed across 17 countries. Headquartered in Pune, India, the group operates vertically integrated with in-house R&D centers in Germany, the Netherlands, Denmark, and India, complemented by world-class manufacturing facilities across India.