Listed Wind Companies In India Rally On New Orders And Improved Credit Rating

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The fortunes of Indian wind energy companies seem to have started improving with new orders and improvement of the balance sheet. Riding on the improved regulatory environment and ambitious orders these companies are creating substantial wealth for their investors.

One of India’s largest integrated wind energy solutions providers, Suzlon Energy, has rallied more than 13.6% this month till end of trading on 12 October. Shares of the company have been at their highest level since mid-August, and have been on an upward sprint since the last week of September.

The reason behind this recent rally is the spree of project-related news trickling in. Since the beginning of the second half of September, Suzlon has announced turnkey orders for 206 MW capacity across various states and from different companies. It also announced commissioning of 151.2 MW worth of capacity.

The company also announced that it secured investment credit rating for the first time in 5 years. Suzlon Energy had been facing significant financial challenges due to increasing competition and a large acquisition in Europe. The company is now beginning to see a turnaround following financial restructuring, which involved stake sale, and increase in number of order from independent power producers buoyed by the government support to renewable energy.

Inox Wind, only the second wind energy company in India to be traded on the bourses, has also rallied handsomely since late September. The company secured an order for 50 MW capacity from a government-owned company in late-September, which added to its project development pipeline of 1.4 GW. The company has also announced that it received a repeat order from Tata Power Renewable Energy Limited for 50 MW project. Inox Wind had earlier received order for developing 172 MW capacity from the project developer.

Shares of Inox Wind have gained 4.3% in October till the end of trading on 12 October.

Market experts have been bullish on these two companies and on the wind energy sector as a whole following the announcement of the national offshore wind energy policy by the government last month.

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