India’s Suzlon Energy Announces $2.5 Billion Wind Energy Investment Plan
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Wind turbine maker Suzlon Energy has announced fresh plans to push on with extensive expansion of wind energy capacity across the state of Madhya Pradesh in India.
Suzlon Energy, among the leading wind turbine manufacturers and wind energy project developers, has announced plans to set up a manufacturing unit in the state of Madhya Pradesh. The plan was announced was made at the ‘Global Investors Summit’ organised by the state government.
The company intends to invest Rs 15,000 crore ($2.5 billion) to develop 2,000 MW of wind energy capacity in the state. Suzlon Energy is among the largest developers of wind energy projects and has a portfolio of 8,500 MW of the total 21,700 MW wind energy capacity installed in the country. Madhya Pradesh is home to about half of the company’s total installed capacity.
While the company has been reeling under tremendous financial strain which has resulted in accumulation of million of dollars of debt and price of the shares at the Bombay Stock Exchange fall from Rs 425 (~$7) to Rs 12 (~$0.20) over a period of five years, it maintains a strong order book worth $7.2 billion.
Having access to world-class turbine technology through its acquisitions in Europe, the company is well placed for the next phase of expansion in the Indian wind energy sector. The Indian government is believed to be working on the National Wind Energy Mission which would see 10,000 MW capacity added every year, significantly more than about 2,500-3,000 MW capacity addition per year over the last few years.
The company is also planning to set up a 300 MW offshore wind energy project off the coast of Gujarat. The company announced that it is currently studying the feasibility of such a projects just days after the Ministry of New & Renewable Energy announced its own plan to set up 100 MW offshore wind energy project in the same state.
Image Credit: Suzlon Energy
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