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Monday, October 27, 2014
India’s Suzlon Energy Secures Orders For Wind Turbines Worth $200 Million
[Editor: There were earlier media reports that Indian government is planing to rapidly accelerate wind energy generation, adding an ambitious 10,000 MW every year, or five times the total new capacity that came up in the last fiscal. Wind energy, which had been overshadowed by solar projects in recent years, got a big boost in the current fiscal, as the government of India has restored key tax incentives that had helped India emerge as one of the top countries in the world in generating electricity from wind. The government feels that tax incentives coupled with conducive environment will rapidly accelerate wind energy. All these augurs well for the shares of Suzlon Energy Ltd (Rs.12.10)]
October 27th, 2014: The reintroduction of financial incentives for the Indian wind energy sector has led to a significant increase in the orders for wind turbines.
India’s leading wind turbine manufacturers, Suzlon Energy, has secured an order worth $200 million for supply of 150 MW wind energy equipment. The company, which has evolved into an integrated wind energy solutions provider, is likely to set up the wind farms and also bag orders for service and maintenance following commissioning.
The cumulative order has been placed by more than four companies. The large order signifies the customers’ renewed interest in the wind energy sector following reintroduction of tax incentives for wind project developers, the company noted in its press release.
Suzlon Energy is looking for a comeback as it is facing millions of dollars of debt. The company has taken several measures to raise credit from various equity-linked routes but any sustainable turnaround can only come through large orders.
The company may draw comfort from the upcoming reforms in the wind energy sector. The government is set to launch the National Wind Energy Mission, which is expected to boost annual capacity additions from the current 2.5 GW to 10 GW. Additionally, the government is expected to launch a comprehensive offshore wind energy policy.
Last month, the Ministry of New and Renewable Energy announced the launch of a joint venture of public sector companies that will set up a 100 MW offshore wind energy project in Gujarat. Suzlon Energy has also announced that it will say up 300 MW offshore wind energy project in Gujarat. The company enjoys a technological edge over most of the Indian wind energy manufacturers, as it has access to high-capacity offshore wind turbines through its European subsidiary Senvion SE.