Suzlon booked one of its biggest wind turbine deals in years with developer Evren, sending shares in the Indian wind power group up further after a recent rally.
Suzlon will supply 642MW of its 3MW turbines to Evren, a joint venture between Canadian investment giant Brookfield and Axis Energy.
The Indian wind group has this year already booked several large orders in India for the 3MW model and CEO JP Chalasani has even talked about regaining traction as a global player in the wind turbine market.
Chalasani said after the latest deal: “We are seeing an increase in orders from reputed global corporations in the last year.”
The agreement, for deployment in Andhra Pradesh, marks another uptick in the fortunes of Suzlon, which saw its shares rise by almost 5% in Mumbai following news of the Evren order, after more than doubling over the last six months.
That is in stark contrast to the low points of 2019 and 2020 when production at times dwindled to almost zero, with Suzlon crippled operationally by a $1.5bn debt pile. Suzlon had as recently as 2018 been India's number-one turbine supplier with a 41% market share, according to Bloomberg New Energy Finance data.
The Indian group was at its lowest point even heavily tipped as a takeover target for Vestas.