Shares of Suzlon Energy Ltd rallied 4% on 4 December after the company announced that it had extended its collaboration with Jindal Renewables following another order victory from one of its subsidiaries.

In order to boost the nation’s production of green steel, JSP Green Wind 1 Pvt. Ltd., a subsidiary of Jindal Renewables, granted Suzlon Energy a 302.4 megawatt (MW) wind power project in the Koppal district of Karnataka.

Last month, Jindal Renewables awarded Suzlon Energy a 400 MW captive wind power project in the same Karnataka region, giving the company its largest-ever Commercial and Industrial (C&I) contract from a single customer.

At an all-time high of 5.4 gigawatts (GW), 56% of Suzlon’s total order book is now made up of Commercial and Industrial (C&I) clients.

Suzlon will provide 96 cutting-edge S144 wind turbine generators (WTGs) with Hybrid Lattice (HLT) towers, each with a 3.15 MW capacity, in accordance with the deal.

The company’s operational sustainability will be improved by using the energy produced in this way for captive consumption in steel factories in Chhattisgarh and Odisha.

Girish Tanti, Vice Chairman of the Suzlon Group, said, “This collaboration will propel our joint green steel mission forward, while significantly contributing to India’s ambitious renewable energy target of 50% electricity from non‐fossil fuels by 2030.”

Bharat Saxena, president of Jindal Renewables, stated that as the company continues to transition to renewable energy sources, there will be a lot more projects of this kind in the future.

Suzlon Group CEO JP Chalasani stated on 21 November that the company’s existing order book will be completed over the next 18 to 24 months. According to him, the wind turbine industry will continue to expand the services sector despite its potential for cyclicality.

At 11:34 am, the shares of Suzlon Energy were trading 3.78% higher at R 67.87 on NSE.

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