The deal calls for the business to provide 16 wind turbines with rated capacities of 3.15 MW each. The project in Gujarat’s Dwarka district is anticipated to be finished in 2025.
Suzlon Energy, India’s largest renewable energy play, rose 5% to the day’s high of Rs 32.90 on the NSE after the firm told exchanges that Juniper Green Energy has placed an order for its 3 MW series turbines.
The company, which is trading at its 52-week high of Rs 34.10, snapped a four-session losing skid, with buying activity resuming in the stock following the order and general favorable market sentiments. The price movement was mirrored by volume movement, with 2.58 crore shares trading on the NSE at 10:20 a.m.
The deal calls for the business to provide 16 wind turbines with rated capacities of 3.15 MW each. The project in Gujarat’s Dwarka district is anticipated to be finished in 2025.
Gujarat Urja Vikas Nigam Ltd granted Juniper Green Energy Private Limited a portion of the offer. “A project of this size can provide electricity to 38 thousand households and curb 1.51 lakh tonnes of CO2 emissions per year,” according to the report.
According to the corporate filing, this is a repeat order for the company’s largest 3.15 MW turbine, S144140m from the 3 MW series.
Suzlon will supply the wind turbines (equipment delivery) and execute the project, including construction and commissioning, as part of the deal. Suzlon will also provide extensive postcommissioning operations and maintenance services, according to the document.
According to the firm, the Suzlon 3 MW Series is the leading provider of renewable energy solutions in India.
JP Chalasani, Chief Executive Officer of Suzlon Group, commented on the news, saying, “We are delighted to announce our second order with Juniper Green Energy Private Limited in a short period of time for our 3 MW series.” Juniper Green Energy is an India-based renewable energy independent power producer (IPP) with extensive wind, solar, and hybrid power projects. We are grateful that they have chosen to work with us again on their wind energy project. We look forward to continuing our collaboration with Juniper Green Energy on their quest to a greener India.”
Despite being a pioneer in the wind energy market, the company’s journey has not been easy.
The company came into financial difficulties as it took on more debt to fund its operations and acquisitions. The majority of this debt was accumulated prior to the 2008 global financial crisis.
After 2008, the losses continued to grow, forcing the firm into bankruptcy. Its debt-resolution initiatives have repeatedly failed owing to a value mismatch.
To reduce its debt, management has already sold off non-core assets.
