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Suzlon Wins 381 MW FDRE Contract From Zelestra, Shares Jump and CRISIL Upgrades Rating to A+

Zelestra’s debut dispatchable renewable energy order under SJVN’s auction framework lifts Suzlon’s orderbook utilization to 91 percent.

Suzlon Energy shares jump 8% on 381 MW order win from Zelestra; what analysts are saying

Overview

  • Suzlon secured a 381 MW Firm and Dispatchable Renewable Energy order from Zelestra India and its affiliates with 127 S144 turbines across Maharashtra, Madhya Pradesh and Tamil Nadu.
  • The project is Zelestra’s first FDRE venture and was awarded through government-owned SJVN Ltd.’s auction mechanism for firm renewable power.
  • Suzlon Energy’s shares rose about 6 percent to Rs 65.5 in early trade after the company announced the order.
  • Credit rating agency CRISIL upgraded Suzlon’s long-term rating from A / Positive to A+ / Stable while maintaining its short-term A1 rating.
  • The deal boosts Suzlon’s orderbook utilization to 91 percent as the Pune-based company leverages its 21.1 GW global wind capacity and in-house turbine technology.