Why Suzlon's Shares Are Gaining Today After Losing 7% This Month

Shares of renewable energy firm Suzlon were gaining on Friday after the company said it had won a contract for the supply of power to a firm in Gujarat.

What Happened: One of India’s largest renewable energy providers said in an exchange filing that it had secured an order for the development of a 100.8-megawatt wind power project for a “leading global utility company”, though it did not specify further details.

Suzlon will install 32 wind turbine generators with a hybrid lattice tubular (HLT) tower and a rated capacity of 3.15 megawatts each for the project, located in Gujarat.

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Scope of Work: Suzlon will handle the supply, supervision and commissioning of the project as well as operation and maintenance services following its commissioning.

The firm estimated that a project of this size could provide electricity to around 77 thousand households and curb around 3.02 lakh tonnes of carbon dioxide emissions every year.

Price Action: Suzlon’s share price was up 1.34% at ₹37.85 in early trade on Friday. The stock has eased nearly 7% in the past month after hitting all-time highs in November.

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