Suzlon Shares Rocket 5% After Bagging Repeat Order From Juniper Green Energy

Suzlon‘s share price, which was under pressure on Wednesday, shot up sharply after the company announced bagging a wind energy-related order.

What Happened: Suzlon Group, has bagged new orders of 402 megawatts from Juniper Green Energy for its 3 megawatts series wind turbines. The renewable energy major that will supply 134 wind turbines, each with a rated capacity of 3 megawatts, for a project at the Fatehgarh site in Rajasthan. The power generated will be provided under FDRE (firm and dispatchable renewable energy) hybrid and merchant projects.

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The company added that a project this size could supply electricity to around 3.31 lakh households and reduce around 13.07 lakh tonnes of carbon dioxide emissions per year.

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 post‐commissioning maintenance services.

This is a repeat order from Juniper Green Energy, an Indian independent power producer (IPP).

Price Action: Suzlon’s share price was locked in the 5% upper circuit at ₹46.25 on Wednesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.