One of India’s leading renewable energy companies, Suzlon Energy, has signed a landmark deal that is expected to play a crucial role in its revival and share in the highly competitive Indian renewable energy market.
Suzlon Energy, which is one of the most dominant companies in the Indian wind energy market, and now an emerging player in the solar power market, has signed an agreement with independent power producer Axis Energy Limited and will develop 4 GW of solar and wind energy capacity for Axis Energy in the state of Andhra Pradesh.
The deal is probably the first large agreement signed by Axis Energy which intends to set up 5.5 GW solar power and 7 GW wind energy capacity over the next seven years. The company plans to set up the entire capacity in the three southern states of Karnataka, Andhra Pradesh, and Telangana.
For Suzlon Energy, the deal is expected to bring in significant revenue, as the total capacity addition is expected to require a cumulative investment of around $3.7 billion. Suzlon Energy has been struggling with high debt and increased competition for some quarters now. The company recently entered the solar power market when it secured rights to develop 210 MW solar power project in the southern state of Telangana.
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