Suzlon Energy bags 378MW wind energy project from NTPC Green Energy

Suzlon Energy Ltd informed exchanges that it secured a 378MW wind energy project from state-run NTPC Green Energy Ltd (NGEL) on Wednesday.

"Suzlon has just consolidated its largest partnership with NTPC Green Energy to 1,544MW, with a recent award win of 378MW wind energy project. This win strengthens our undisputed market leadership and commitment to sustainable, large‐scale growth," the renewable energy solutions provider stated in a BSE filing.

As part of this contract, Suzlon said it will supply 120 S144 Wind Turbine Generators (WTG) with Hybrid Lattice Towers (HLT), each with a rated capacity of 3.15MW, and also undertake foundation, erection, and commissioning for the project along with providing maintenance and services.

Girish Tanti, Vice-Chairman of Suzlon Group, said, "As NGEL aims to expand its renewable energy portfolio to 60GW by 2032, this partnership lays a crucial foundation for showcasing the key role of wind in powering India's largest PSU's renewable journey by providing high‐quality, affordable power. From our first project in Gujarat to expanding into Karnataka, our shared commitment to advancing India’s leadership in the global clean energy movement continues."

On the stock-specific front, Suzlon Energy was last seen trading 0.40 per cent lower at Rs 59.05. At this price, it has slipped 9.63 per cent on a year-to-date (YTD) basis.

Rajesh Sinha, Senior Research Analyst at Bonanza Group, said, "Suzlon Energy has achieved a record-high order book of around 5.7GW. The outlook remains promising given India's target to double the wind installed capacity base by 2030. Contribution margins are expected to stabilise around 20 per cent on a consolidated basis, with adjustments based on steel pricing and project execution dynamics. O&M margins are expected to maintain around 40 per cent, despite quarter-to-quarter (QoQ) fluctuations due to one-off items."

Technically, a decisive close above Rs 62 level has the potential of triggering more upside.

"Suzlon is looking really good at this point of time. Rs 62 is a trigger point where we can get some breakout that can take the stock towards Rs 70-75 levels. From the renewal space, Suzlon is the only stock with valuation comfortable along with the technical chart pattern," Prashanth Tapse, Senior VP (Research) at Mehta Equities, told Business Today.

"Looking at the structure, it looks like the stock is likely to move towards Rs 62-64 levels. Keep stop loss placed at Rs 57," said Nilesh Jain, VP - Derivative and Technical Research at Centrum Broking.

As of March 2025, promoters held a 13.25 per cent stake in the company.