Suzlon Energy shares hit upper circuit - Here's why

Shares of heavy electrical equipment firm Suzlon Energy hit 5 per cent upper circuit on Tuesday. The counter opened in green at Rs 44.30 with a slight gain from the previous close of Rs 44.03 on the BSE. However, it surged around 5 per cent to hit the upper circuit of Rs 46.23. 

The stock has been gaining for the last two days. However, the fresh surge comes as the company informed exchanges that it has bagged new orders for the development of 402 MW wind energy projects from Juniper Green Energy.

Suzlon will install a total of 134 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW for both projects at the Suzlon proposed site at Fatehgarh in Rajasthan, a company statement said.

As part of the agreement, Suzlon will supply the wind turbines and execute the project including foundation, erection, and commissioning.

Suzlon will also undertake comprehensive operations and maintenance services post-commissioning.

"Juniper Green Energy has been a long-term, repeat customer for us, and we are delighted to partner with them again. This order helps us expand our footprint in Rajasthan," Girish Tanti, Vice Chairman, Suzlon Group, said in the statement.

The electricity generated from these projects will help realise the vision of the Rajasthan government to serve the people of the state with green energy, he added.

The generated power will be provided under FDRE (Firm and Dispatchable Renewable Energy) Hybrid and Merchant projects. Projects of this size can provide electricity to 3.31 lakh households and curb 13.07 lakh tonnes of CO2 emissions per year.
"Suzlon's unmatched technology and comprehensive EPC capabilities help us fulfill our vision of building a sustainable India through cost- effective, Made in India renewable energy solutions," said Naresh Mansukhani, Chief Executive Officer, Juniper Green Energy Private Ltd.

With PTI Inputs