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Suzlon Energy shares end 2% up on repeat order from Orange Renewable

Shares of the wind turbine manufacturer gained after it  won a repeat turnkey order of 100.8 MW from Orange Renewable.

BT Online | October 6, 2015 | Updated 16:52 IST
Suzlon Energy shares end 2% up on repeat order from Orange Renewable
The stock hit an intraday high of Rs 22.75, up 4.83 per cent, on the Bombay Stock Exchange (BSE). Photo: Reuters

Shares of Suzlon Energy gained nearly 5 per cent in trade on Tuesday after the wind turbine manufacturer won a repeat turnkey order of 100.8 MW from Orange Renewable.

The stock settled at Rs 22.20, up 2.30 per cent after rallying 4.83 per cent intraday, on the Bombay Stock Exchange (BSE).

"Suzlon Group has won a a repeat turnkey order from Orange Renewable, an independent power producer (IPP) FOR 100.8 MW to be installed in Beluguppa, Andhra Pradesh, India," said the country's largest turbine maker in a filing to BSE.

"Suzlon will offer operation and maintenance service for an initial period of 12 years through an integrated services package," the company added.

The project will be commissioned in the fiscal year 2016-17.

"We are pleased to receive this repeat order from Orange Renewable. With increasing demand from domestic and international IPPs, the wind energy sector has gained a pivotal role in bolstering the development of India's energy landscape," said Ishwar Mangal, Chief Sales Officer, Suzlon Group.

"This is a second project with Suzlon and demonstrates belief in Suzlon as a technology partner," said Sudhir Nunes, CEO, Orange Renewable.

Orange Renewable is a subsidiary of AT Holdings, Singapore.


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