Multibagger Energy Stock: Suzlon Wins 100.8 MW Order For Leading Global Utility Firm; Stock Up 263% YTD

Suzlon Energy has been an outperformer of 2023, with triple-digit returns. The company's fundraising and deal wins along with a healthy prospectus have made Suzlon shares attractive. In the latest development, Suzlon has bagged a new mega deal for the development of a 100.8 MW wind power project for a leading global utility company, which can provide electricity to ~77 thousand households and curb ~3.02 lakh tonnes of CO2 emissions every year.

As per the regulatory filing, Suzlon will install 32 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each. The project is located in Gujarat.

Girish Tanti, Vice Chairman, Suzlon Group said, "We are delighted to partner with a leading global utility as our esteemed customer on this project. This order is in line with Suzlon's reputation for world-class wind energy solutions enabling industry-leading companies from across the globe to trust us with their wind energy projects. The power generated from this project will serve the people of Gujarat with clean, green, renewable power."

Tanti added, "As India's ambitions to be carbon neutral take momentum we are committed to partnering with all stakeholders every step of the way. The Suzlon 3 MW series is the next stage evolution of our proven technology, customized for the Indian wind regime and 3.15 MW is one of the largest wind turbines in the country today."

Meanwhile, Suzlon's Chief Executive Officer, JP Chalasani said, "This order is a testament to the quality and reliability of our technology and service solutions. Suzlon is committed to serve our customers and the nation with our proven technology, extensive experience, and service excellence in India. Together with our customers and our valued partners, we will continue to push the boundaries of what is possible and drive meaningful progress towards a cleaner, greener, and more prosperous tomorrow for all."

Notably, with the new order, Suzlon will execute the project with a scope of supply, supervision, and commissioning. Additionally, Suzlon will also undertake post-commissioning operation and maintenance services.

Suzlon turbines are manufactured in the country through a thriving domestic ecosystem, which is a testimony to our contribution to the vision of an "Aatmanirbhar Bharat". Suzlon's R&D efforts are continuously geared towards increasing turbine performance, harnessing more energy from low wind sites, and lowering the cost of energy.

On Friday, Suzlon shares ended at Rs 38.61 apiece, up by 3.43% with a market cap of Rs 52,419.61 crore on BSE. YTD, the stock has zoomed by a massive 262.62%, making many investors rich.

In another news, Suzlon also announced that the board of directors have approved the conversion of 12,60,749 partly paid-up equity shares having a face value of Rs 2 each with Re 1 paid-up and bearing, into fully paid-up equity shares having a face value of Rs 2 each with Rs 2 paid-up bearing.

The conversion of equity shares will be on receipt of First and Final Call aggregating to over Rs 31.51 crore.

With over 28 years of operational track record, the Group has a diverse workforce of over 6,000 employees. Suzlon is also India's No. 1 wind energy service company with the largest service portfolio of over 14.3 GW of wind energy assets. The Group has ~6 GW of installed capacity outside India. Suzlon offers a comprehensive product portfolio led by the 2 MW and 3 MW series of wind turbines.