Suzlon Bags Order From US-Based Energy Firm, Shares React

Suzlon’s shares received a bump on Friday morning after the company announced winning another order.

What Happened: Suzlon Group on Friday announced securing a new order to develop 29.4 megawatts of wind-installed capacity for a 100-megawatt co-located wind-solar hybrid project by BrightNight, a global renewable power producer.

Suzlon will be responsible for installing 14 units of their S120 – 140m wind turbine generators (WTGs) equipped with a Hybrid Lattice Tubular (HLT) tower, each with a rated capacity of 2.1 megawatts. The project will be located in Osmanabad, Maharashtra, and is slated for commissioning in phases, with the initial phase expected to commence in April 2024.

See Also: Why These Two Sister Pharma Stocks Are Plunging After Major Stake Sale

Suzlon’s scope of work includes supply, installation, and commissioning, along with post-commissioning operation and maintenance services. Electricity generated from the project will be supplied to commercial and industrial customers in the state of Maharashtra.

The company added that a project of this size can provide electricity to 50,000 households and curb 2.5 lakh tonnes of carbon dioxide emissions per year.

Price Action: Suzlon shares jumped over 2% after the announcement, rebounding from the day’s low of ₹24.50. At the time of writing, Suzlon’s share price was down 1.57% to trade at ₹25.10.

Read Next: This Micro Cap Stock Skyrockets 20% After Winning Orders From Reliance Group

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: NewsContractsMoversTrading IdeasSuzlon