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					</table><a href="https://www.mercomindia.com/india-2024-budget" target="_blank" rel="noopener">Union Finance Minister Nirmala Sitharaman, in the first Budget under a new coalition government</a>, laid out a series of measures to promote clean energy adoption and develop critical mineral supply chains. She highlighted &#8216;Energy Security&#8217; as one of the nine pillars for Budget 2024. The allocation for the solar sector has surged by 75% from the previous year’s revised estimate, now set at ₹86.49 billion (~$1.03 billion). However, the wind energy sector allocation has decreased by 12.7% to ₹8 billion (~$95.6 million).
<a href="https://www.mercomindia.com/dvc-invites-bids-for-projects-in-west-bengal-jharkhand" target="_blank" rel="noopener">Damodar Valley Corporation (DVC) has invited bids for the design, engineering, supply, erection, and commissioning</a> of 10 MW grid-connected rooftop solar power systems, including comprehensive operation and maintenance for five years in DVC-owned buildings in West Bengal and Jharkhand. The last date for submitting bids is July 31, 2024. Bids will be opened on August 1. The scope of the work should include the installation, testing, and commissioning of rooftop solar systems. The estimated project cost, earnest money deposit, and tender document cost will be announced later.
<a href="https://www.mercomindia.com/jakson-green-credit-facility-first-abu-dhabi-bank" target="_blank" rel="noopener">Jakson Green, the renewable energy arm of the Jakson Group, has secured a ₹2.96 billion (~$35.36 million) credit facility from First Abu Dhabi Bank (Mumbai)</a> to support its international expansion, starting with a solar photovoltaic and battery storage project in Uzbekistan. The project involves building and operating a 250 MW solar power facility combined with a 63 MW/126 MWh battery energy storage system in Bukhara. This credit facility marks a significant milestone for Jakson Green’s entry into Uzbekistan’s renewable energy market as the company continues to expand its presence in the Middle East, Africa, the Commonwealth of Independent States, and Europe.
<a href="https://www.mercomindia.com/jsw-energy-q1-profit-surges" target="_blank" rel="noopener">Independent power producer JSW Energy reported an 80% year-on-year surge in net profit for the first quarter of fiscal year 2025</a>, reaching ₹5.22 billion (~$63.3 million), helped by higher power generation across its portfolio and improved operational efficiencies. Total net generation for the quarter increased by 18% to 7,881 million units (MUs), compared to 6,699 MUs in the same period last year. This growth was powered by a 44% rise in renewable energy generation, which reached 3,242 MUs. The company’s thermal power generation also saw an uptick of 4%, contributing 4,638 MUs to the total output.
<a href="https://www.mercomindia.com/suzlons-q1-2025-net-profit" target="_blank" rel="noopener">Wind turbine manufacturer Suzlon Energy recorded a net revenue of ₹20.16 billion (~$241.02 million) during the first quarter of 2025</a>, a year-over-year (YoY) increase of 50% as compared to ₹13.48 billion (~$161.16 million). The company posted a net profit of ₹3.02 billion (~$36.1 million), a 200% YoY increase from ₹1.01 billion (~$12.07 million). Suzlon’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹3.7 billion (~$44.23 million), a YoY increase of 86%, from ₹1.99 billion (~$23.79 million). This is Suzlon’s highest quarterly EBITDA in seven years.
<a href="https://www.mercomindia.com/gcf-approves-215-6-million-for-sidbi" target="_blank" rel="noopener">The Green Climate Fund has approved $215.6 million for the Small Industries Development Bank of India’s</a> Financing Mitigation and Adaptation Projects (FMAP) in Indian micro, small, and medium enterprises (MSMEs). The projects aim to help MSMEs adopt low-emission and climate-resilient technologies. They will also increase climate finance for MSMEs by using private sector investments from non-banking financial companies, small finance banks, and microfinance institutions. These investments will provide loans to MSMEs to adopt various mitigation and adaptation technologies. The FMAP program is projected to reduce 35.3 million tons of greenhouse gas emissions and significant water savings.

Daily News Wrap-Up: Budget 2024 Promotes Clean Energy, Critical Mineral Chains

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					</table>Wind energy projects which were first off the blocks even before solar in India have considerably slowed down in recent years with higher tariffs, supply chain bottlenecks, dwindling investments, and a drop in off-takers.
India&#8217;s wind installations by the end of the first quarter of 2023 <a href="https://www.mercomindia.com/mandatory-wind-growth-of-168-in-q1-2023" target="_blank" rel="noopener">stood</a> at 42.6 GW, compared to solar, which <a href="https://www.mercomindia.com/india-solar-capacity-q1-23" target="_blank" rel="noopener">stood</a> at 64.5 GW.
If India wants to meet its goal of achieving 500 GW of clean power capacity by 2030, wind energy will have to play a crucial role.
According to the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>), India currently ranks fourth globally in total wind installations. The target for 2030 requires reaching 100 GW of onshore wind capacity and bids for 30 GW offshore wind projects.
While the target for wind is ambitious, the sector has seen a steady decline in installation rates and export values between 2019 and 2021.
There was a slight rebound in 2022, but the growth has been modest.
<img decoding="async" class="aligncenter wp-image-56270 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture1.png" alt="" width="100%" height="100%" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture1.png 697w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture1-300x210.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture1-650x455.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture1-624x437.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture1-600x420.png 600w" sizes="(max-width: 697px) 100vw, 697px" />
Maintaining a Robust Supply Chain
According to the National Institute of Wind Energy (<a href="https://niwe.res.in/" target="_blank" rel="noopener">NIWE</a>), India currently possesses a manufacturing base of high-quality wind turbine generator (WTG) models capable of producing approximately 15 GW of wind power annually.
Santosh Khairnar, Head of Supply Chain Management at <a href="https://d.docs.live.net/15ba648e72452470/Desktop/Inox%20Wind" target="_blank" rel="noopener">Inox Wind</a>, said, &#8220;With regard to the wind supply chain, India is still dependent on China. Every company has a business model and is usually booked in advance for the upcoming 6-7 months. Sometimes difficulties may occur because China mostly manufactures 5 MW turbines, while most capacities in India range between 3-4 MW. However, there is no major hindrance as such to procure materials.&#8221;
&#8220;In terms of technology, what is produced in India is backed by European partners, so quality is at par with international standards. However, the supply chain is not the primary constraint when it comes to increasing wind capacity. The main issues circle around policy regulation, procuring land for projects, etc. For instance, if tomorrow the country is ready for a 10 MW wind project, equipment and raw materials all can be procured based on demand,&#8221; Khairnar affirmed.
Stakeholders mentioned that India heavily relies on imports from Turkey and China for materials like castings, etc., essential for WTGs, accounting for approximately 80% of the total supply. Similarly, forging services are also lacking; only 20% of gearbox equipment is produced domestically.
Despite the targets and enabling policies, the Indian market lacked a well-defined roadmap and reliable pipeline estimates.
Industry stakeholders expect the demand to rise in the coming quarters, given the tender trajectory and wind purchase obligations in place; however, implementing these policies to drive the industry is what will make the difference.
Supply and Demand Conundrum
While there is talk about wind turbine shortage, manufacturers claim that the supply is directly related to the fall in demand for wind energy over time.
Ajay Devaraj, Secretary General of the Indian Wind Power Association (<a href="https://windpro.org/" target="_blank" rel="noopener">IWPA</a>), claims that most manufacturers have started exporting their products due to limited activity in the domestic market.
He explains, &#8220;The main reason behind the slump in manufacturing is that after the change in the tariff regime, the total capacity being auctioned was around 5-6 GW, whereas the manufacturing capacity was much higher. The number of turbine manufacturers in India decreased from 25-30 to 12, and I believe only eight are currently active.&#8221;
&#8220;Policymakers had a limited understanding of how the industry operates, which may have resulted in inaccurate estimates. Additionally, the implementation of e-bidding led to a significant drop in tariffs, from an average of ₹3.40 (~$0.04)/kWh to ₹2.44 (~$0.02)/kWh. Meanwhile, the cost of raw materials such as steel, iron, copper, and cement experienced a steep increase of 60%,&#8221; Devaraj added.
 Martand Shardul, Policy Director at Global Wind Energy Council <a href="https://gwec.net/" target="_blank" rel="noopener">GWEC</a>, said, &#8220;Most wind manufacturers set up their base in India, expecting a huge domestic demand for wind power deployment. As there wasn&#8217;t enough market demand, the manufacturers had to look out for opportunities outside the country to ensure the utilization of their existing capacities.&#8221;
Amidst the changing landscape, several wind turbine manufacturers transitioned to other industries, while those who persevered in the sector redirected their efforts towards export markets, particularly the United States and Europe.
Lower Tariffs and Rising Project Costs Render the Wind Projects Unviable
Players in the market reduced drastically as they no longer wanted to participate in auctions after the government introduced competitive bidding.
Project commissioning schedules went awry, investor interest was flagged, and wind-rich locations in states with higher tariffs became less appealing to price-sensitive buyers.
KSK Singaravelan, Head of Wind Power Projects at the <a href="https://www.kctgroup.com/kct-renewable-energy-business-sale/" target="_blank" rel="noopener">KCT Group</a>, said, &#8220;When you compare costs and tariff structure from 6 to 7 years ago with the ongoing prices, we see the prices have been slashed by almost 50%. However, the overall fixed costs, be it project costs, land costs, even the non-material costs, have only increased.&#8221;
According to Singaravela, as the expenses associated with manufacturing and setting up wind projects rise, it leads to financial strain and puts a question mark on long-term feasibility.
A significant challenge that also led to decreasing wind capacity numbers was bidders submitting excessively low tariffs for capacities and failing to follow through with project execution.
According to Mercom India Research, the lowest wind tariff for 2022 was <a href="https://www.mercomindia.com/lowest-wind-and-hybrid-tariffs-2022" target="_blank" rel="noopener">recorded</a> at ₹2.84 (~$0.035)/kWh.
According to Shardul, one of the foremost challenges for the wind industry has been low, unfeasible tariffs quoted by a few developers to secure volumes. However, these tariffs were unsustainable, so the projects did not see the light of day.
According to Mercom India Research, from January 2018 to March 2023, a total of 16,406 MW of wind capacity was auctioned. However, out of this, 6,870 MW was canceled.
<img decoding="async" class="aligncenter wp-image-56271 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture2.png" alt="" width="100%" height="100%" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture2.png 641w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture2-300x186.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture2-624x386.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/07/Picture2-600x372.png 600w" sizes="(max-width: 641px) 100vw, 641px" />
Singaravela added, &#8220;In certain instances, a developer may secure a project with a capacity of, let&#8217;s say, 15 MW. However, they encounter challenges that prevent them from executing the entire capacity, and they can complete only 4/5 MW, resulting in the remaining capacity being surrendered. This can occur due to a range of factors, including insufficient experience, a shortage of skilled workers, limited project knowledge, or inadequate financial capacity.&#8221;
In a bid to bolster the wind market, the government has announced <a href="https://www.mercomindia.com/government-junks-reverse-auction-for-wind-projects" target="_blank" rel="noopener">discontinuing</a> the e-reverse auction process and providing extensions to projects that faced delays due to the pandemic.
Introducing a <a href="https://www.mercomindia.com/power-ministry-notifies-wind-hydro-and-energy-storage-purchase-obligation" target="_blank" rel="noopener">dedicated</a> Renewable Purchase Obligation (RPO) trajectory specifically for wind energy aims to stimulate demand for the power generated across various states. To further support this initiative, the government has <a href="https://www.mercomindia.com/mnre-renewable-energy-bidding-trajectory" target="_blank" rel="noopener">notified</a> an advanced bidding schedule for procuring 10 GW of capacity annually from 2024 to 28.
Regarding the target, Devaraj stated, &#8220;Considering the cumulative installed capacity of 43 GW and an additional 14 GW under construction, we need about 43 GW to reach the 100 GW target. I believe that this goal is attainable. With the existing incentives for the wind industry, not only can we meet the target, but the market also has the potential to expand further.&#8221;
Khairnar noted, &#8220;The capacity decline in the past two years can be attributed to the slump caused by the pandemic and reverse bidding. However, the industry is growing now, and in terms of achieving targets, India should be able to make significant wind capacity additions.&#8221;
Measures aimed at supporting and reviving the wind industry within the country are expected to enable smoother project implementation and facilitate the sector&#8217;s recovery.

Reasons Behind the Recent Downturn in India’s Wind Sector and Causes for Hope

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					</table>Tulsi R Tanti, the Founder, and Chairman of wind energy company <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon Energy</a>, passed away Saturday evening in Pune. Tanti was in Ahmedabad, attending a chain of meetings on the company’s <a href="https://mercomindia.com/suzlon-raise-%e2%82%b912-billion-through-rights-issue/" target="_blank" rel="noopener">ongoing</a> ₹12 billion ($146.68 million) rights issue, and suffered from a cardiac arrest on his way back from the airport in Pune.
The Suzlon chief is survived by his wife and two children. The company said it would continue to be supported by its board of directors and senior management and will comply with all the reporting requirements in due course.
“With profound sadness, we inform you of the untimely demise of Tulsi R.Tanti, the Founder, the Chairman &amp; Managing Director, and one of the promoters of Suzlon Energy on 1st October 2022. Shri Tanti suffered a cardiac arrest and passed away the same day,” Suzlon Energy said in a regulatory filing.
Tanti served as the head of industry forums like the Indian Wind Turbine Manufacturers Association, CII National Committee on Make in India – Renewables, and co-chair of the India-Spain CEOs Forum. He was also a Board Director of the U.S.-India Business Council and served as a member of the Board of Management of TERI University, Governing Council of National Institute of Wind Energy and Coordination Committee, and Ministry of New and Renewable Energy.
Wind Pioneer
Regarded as the ‘Wind Man of India,’ Tanti founded Suzlon Energy in 1995 and began the wind revolution in India. Tanti is said to have conceptualized a new “end-to-end solution” to create realistic avenues for businesses to go green and emerged as a partner in developing sustainable businesses.
He was globally recognized for his achievements and conferred various awards, including the “Champion of the Earth” by the United Nations Environment Program in 2009 and “Hero of the Environment”’ by TIME magazine for his efforts in raising awareness and initiating action on global climate change.
Suzlon has a market capitalization of $1.5 billion, an installed capacity of more than 19.4 GW, and an international presence across 18 countries on six continents. The highest capacity of 14.40 GW is deployed across Asia as of June 2022.
In August, Suzlon Energy <a href="https://mercomindia.com/suzlons-revenue-up-21-yoy-%e2%82%b913-78-billion-q1-fy-2023/" target="_blank" rel="noopener">posted</a> net revenue of ₹13.78 billion (~$168.45 million) for the first quarter of 2022-23.
Recently the company <a href="https://mercomindia.com/daily-news-wrap-up-suzlon-to-supply-wind-turbines/" target="_blank" rel="noopener">announced</a> it had won an order to develop a 180.6 MW wind power project for Sembcorp’s renewables subsidiary Green Infra Wind Energy.
&nbsp;
(Image courtesy: Suzlon Energy)

Wind Industry Veteran and Suzlon Energy Founder Tulsi Tanti Passes Away

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					</table>Indian multinational wind turbine manufacturer <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon Energy Limited</a> posted net revenue of ₹13.78 billion (~$173.52 million) for the first quarter (Q1) of the financial year (FY) 2022-23, a year-over-year (YoY) leap of 21% from ₹11.35 billion (~$142.92 million).
Suzlon’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the period totaled ₹2.14 billion (~$26.95 million), up 39% YoY from ₹1.54 billion (~$19.39 million) last year.
The company’s profit before tax (PBT) before exceptional items was ₹70 million (~$881,405), a substantial increase from a loss of ₹790 million (~$9.95 million) during the same period last year.
The wind turbine maker recorded a net profit of ₹24.33 billion (~$306.34 million) during the quarter through exceptional gains primarily on account of the conversion of financial instruments pursuant to refinancing.
The company has a global presence with 19.4 GW of installed wind capacities in North and South America, South Africa, Europe, Australia, and Asia. The highest capacity of 14.40 GW is deployed across Asia as of June 2022.
<img loading="lazy" decoding="async" class="aligncenter wp-image-39989" src="https://mercomindia.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph.png" alt="Suzlon Q1 FY23 graph" width="600" height="440" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph.png 1504w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph-300x220.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph-768x564.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph-650x477.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph-624x458.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/08/Suzlon-Q1-FY23-graph-600x440.png 600w" sizes="(max-width: 600px) 100vw, 600px" />
Suzlon occupies a cumulative market share of approximately 33% in India and a manufacturing capacity of 3.15 GW across the country.
Suzlon’s order book had a total of 692.4 MW of wind projects by the end of Q1, including 367.5 MW of projects won in central government auctions and 56.7 MW projects bagged from auctions hosted by state governments. In all, 268.2 MW of wind projects were under captive, retail, or public sector undertakings (PSUs). The order book comprises commitments from customers such as Adani group and Apraava Energy.
Suzlon’s CEO Ashwani Kumar observed, “The ramping up of our operations has been successfully achieved and stabilized. We are beginning to show growth and are well positioned to leverage the tremendous opportunity the renewables market offers in the coming years. We launched our larger turbines in the 3 MW to 3.15 MW series with a rotor diameter of 144 meters with an increased generation of ~45% over the S120 in low wind sites and are working on commercializing the same. While our order book remains healthy, executing orders to meet customer expectations is our priority for this financial year.”
The company has operations and maintenance services across 191 sites that rely on over 9,600 wind turbines. Suzlon reported $12 billion worth of assets under management (AUM) until the end of Q1 FY 2023, with 15.9 GW plus wind projects in eight countries worldwide.
The company is expecting the government’s recent <a href="https://mercomindia.com/government-mulls-feed-in-tariffs-renewable-projects/" target="_blank" rel="noopener">decision</a> to consider the removal of the e-reverse auction of wind energy projects to be a game-changer for the sector.
It also welcomed the recent <a href="https://mercomindia.com/power-ministry-notifies-wind-hydro-and-energy-storage-purchase-obligation/" target="_blank" rel="noopener">order</a> of the Ministry of Power, providing for a separate class for wind RPO (Renewable Purchase Obligation).
The Pune-based company <a href="https://mercomindia.com/suzlon-net-profit-q3-fy-2022/" target="_blank" rel="noopener">reported</a> a turnaround with a net profit after tax of ₹370 million (~$4.66 million) in Q3 of FY 2022, compared to the net loss of ₹130 million (~$1.64 million) in the previous quarter.

Wind Turbine Maker Suzlon’s Revenue Up 21% YoY to ₹13.78 Billion in Q1 FY 2023

Wind turbine manufacturer <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon Energy Limited</a> has announced a 12.34% jump in its net revenue in the financial year (FY) 2021. The company’s net revenue stood at ₹32.95 billion (~$443 million) in FY 2021 compared to ₹29.33 billion (~$394.3 million) during the same time the year before.
The Pune-based firm narrowed down its net loss by 73% to ₹7.02 billion (~$94.38 million) in FY 2021 from ₹26.26 billion (~$353.08 million) in the previous financial year.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITA) also saw a turnaround to ₹5.34 billion (~$71.81 million) profit from a loss of ₹8.60 billion (~$115.64 million) in the previous financial year.
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-27261" src="https://mercomindia.com/wp-content/uploads/2021/07/Suzlon-Energy-Logs-₹32.95-Billion-Revenue-in-FY-2021-Over-12-Jump-YoY.png" alt="Suzlon Energy Logs ₹32.95 Billion Revenue in FY 2021, Over 12% Jump YoY " width="606" height="519" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Suzlon-Energy-Logs-%E2%82%B932.95-Billion-Revenue-in-FY-2021-Over-12-Jump-YoY.png 606w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Suzlon-Energy-Logs-%E2%82%B932.95-Billion-Revenue-in-FY-2021-Over-12-Jump-YoY-300x257.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/07/Suzlon-Energy-Logs-%E2%82%B932.95-Billion-Revenue-in-FY-2021-Over-12-Jump-YoY-600x514.png 600w" sizes="(max-width: 606px) 100vw, 606px" />
Ashwani Kumar, Chief Executive Officer of Suzlon Group, said, “For Suzlon, this was the first year of restarting our operations post debt restructuring. While our installation remained low, our strategic imperatives for the year were restarting our manufacturing facilities, ensuring the continuation of our OMS operations without interruptions, and fulfilling the obligations of our debt restructuring. However, exponential increase in commodity prices like those of steel has impacted our profitability significantly in India.”
The company reported that its net revenue stood at ₹11.2 billion (~$ 150.59 million) in the fourth quarter (Q4) of FY 2021 compared to ₹6.43 billion (~$86.44 million) in the same period last year, registering a 74% profit. Its net loss in Q4 2021 narrowed over 35% down to ₹5.3 billion (~$71.25 million) from ₹8.23 billion (~$110.64 million) in Q4 2020.
The company said its EBIDTA also saw a turnaround to ₹ 1.96 billion (~$26.34 million) in Q4 2021 from a loss of ₹3.67 billion (~$49.32 million) in the same period last year.
According to Suzlon, it has a global wind energy capacity of over 18.8 GW. The company has over 12.8 GW of installations in India, making up 33% of the country’s cumulative wind installations.
Last month, Suzlon Group <a href="https://mercomindia.com/suzlon-to-develop-a-252-mw-wind-project-for-clp-india/" target="_blank" rel="noopener">announced</a> that it had won an order from <a href="https://www.clpindia.in/" target="_blank" rel="noopener">CLP India</a> to develop a 252 MW wind power project. The project is in Sidhpur, Gujarat, and is expected to be commissioned in 2022.
In February 2021, the company <a href="https://mercomindia.com/suzlons-net-revenue-jumps-debt-restructuring/" target="_blank" rel="noopener">announced</a> a 43% jump in its net revenue in the third quarter (Q3) of FY 2021 after a ramp-up in its wind turbine generator business after debt restructuring.

Suzlon Energy Logs ₹32.95 Billion Revenue in FY 2021, Over 12% Jump YoY

Wind turbine supplier and renewable energy developer <a href="https://www.suzlon.com/" target="_blank" rel="noopener noreferrer">Suzlon Energy Limited</a> has announced its quarterly and annual results for the financial year (FY) 2019. The company reported that its consolidated net loss for the last quarter (Q4) of the year (ending March 31, 2019) had reduced to ₹2.94 billion ($35.6 million), a decrease of more than ₹1.75 billion ($25 million) compared to the same period last year.
The company’s revenue from operations for Q4 FY19 stood at ₹14.21 billion ($203 million), a decline of over 34% from the revenue of Q4 FY18.
On an annual basis, the company reported revenue of ₹49.78 billion ($710 million) and a net loss of ₹15.37 billion ($220 million) for FY 19. Suzlon’s revenue for FY 2018 stood at ₹82.92 billion (~$1.23 billion) while it registered a net loss of ₹3.84 billion (~$0.057 billion) for FY 2018.
The company stated that it has been able to achieve a market share of 39% and scale its market share for the fourth consecutive year. Suzlon&#8217;s order book stood at over 1,320 MW, which, according to the company, is one of the largest in the Indian wind industry. Suzlon also announced that it had commissioned 582 MW capacity of wind power projects during FY2019 period.
J P Chalasani, Group CEO of Suzlon, said, &#8220;We continued to maintain market leadership and deliver highest installations amidst a prolonged and challenging industry transition to the bidding regime. The achievement demonstrates our strong technical and project execution capabilities and over two decades of experience in the Indian market. We continued our excellent track record in operation and maintenance service by achieving 97.48% machine availability, highest to date. FY20 is expected to be a relatively high volumes market with central and state-level auctions in India. We are geared to capitalize on growth with our superior technology, vertically integrated operations, and best-in-class services. We will continue our R&amp;D efforts and remain at the forefront of developing technologically advanced and innovative wind turbines. We are committed to reducing our debt and are progressing well on strategic initiatives undertaken by the team.&#8221;
According to Suzlon, with increased electricity generation from renewable sources, grid integration requires more importance. It mentioned that various government agencies, turbine manufacturers, power producer, as well as utilities, are currently focussed on steps to be taken in this regard.
In <a href="https://mercomindia.com/suzlon-sells-solar-subsidiaries-renew/">April 2019</a>, Suzlon announced that it would sell two of its solar subsidiaries which operate solar projects of 30 MW capacity to Ostro Energy, a wholly owned subsidiary of independent power producer, <a href="https://renewpower.in/" target="_blank" rel="noopener noreferrer">ReNew Power</a>.
Before that, the company <a href="https://mercomindia.com/suzlon-sale-two-subsidiaries-clp-wind-farms/" target="_blank" rel="noopener noreferrer">announced</a> that it had completed the sale two of its subsidiaries to <a href="https://www.clpindia.in/" target="_blank" rel="noopener noreferrer">CLP Wind Farms (India) Ltd</a> (CLP). Suzlon stated that it had sold the remaining stake in its subsidiaries S.E Solar Limited and Gale Solar Farms Limited for a consideration of ₹765.5 million ($11.1 million) and ₹225.4 million ($3.3 million) respectively. CLP had acquired 49 percent stake in Gale from Suzlon in <a href="https://mercomindia.com/clp-india-suzlon-partner-70-mw-solar-maharashtra/" target="_blank" rel="noopener noreferrer">September 2018</a>. Gale operates a 50 MW solar power project in Dhule district of Maharashtra. The project is contracted under a 25-year power purchase agreement with Solar Energy Corporation of India Limited.
Mercom had reported <a href="https://mercomindia.com/suzlon-results-second-quarter-2019/" target="_blank" rel="noopener noreferrer">last year</a> when Suzlon announced a net loss of ₹2.8 billion (~$38.86 million) in the second quarter of FY19.
Image credit: Suzlon

Suzlon Reduces its Net Loss by ₹1.75 Billion in Q4 of FY 2019

Renewable project developer <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon Energy</a> has announced that it has completed the sale two of its subsidiaries to <a href="https://www.clpindia.in/" target="_blank" rel="noopener">CLP Wind Farms (India) Ltd</a> (CLP). In a recent filing, Suzlon stated that it is selling the remaining stake in its subsidiaries S.E Solar Limited (SE Solar) and Gale Solar Farms Limited (Gale) for consideration of ₹765.5 million ($11.1 million) and ₹225.4 million ($3.3 million) respectively.
The BSE filing by the company stated: &#8220;In terms of Share Subscription / Share Purchase and Shareholders&#8217; Agreement executed by the company (Suzlon) and CLP Wind Farms (India) Private Ltd (CLP) with SE Solar Ltd and (b) Gale Solarfarms Ltd (Gale), the subsidiaries of the company, the Company has completed sale of securities of SE Solar and Gale held by the Company to CLP on March 25, 2019 and accordingly SE Solar and Gale have ceased to be subsidiaries of the Company.&#8221;
Suzlon also stated that the turnover of Gale for the financial year ending March 31, 2018, was ₹7.2 million ($104,178) and the net worth of Gale as on March 31, 2018, was ₹320.3 million ($4.65 million). The turnover of SE Solar for the same year was ₹544.3 million ($7.9 million) while the net worth of SE Solar was estimated at ₹1.59 billion ($23.1 million).
In its statement, Suzlon added that this transaction would not fall under the related party transaction as CLP does not belong to either any promoter or promoter group or group of companies.
CLP had forayed into solar energy projects by acquiring 49 percent stake in SE Solar in December 2017. The company operates a 100 MW solar project located in Veltoor, Mahbubnagar district in Telangana. The power generated from this project is being sold to Telangana Southern Power Distribution Company Limited.
CLP had acquired 49 percent stake in Gale from Suzlon in <a href="https://mercomindia.com/clp-india-suzlon-partner-70-mw-solar-maharashtra/" target="_blank" rel="noopener">September 2018</a>. Gale operates a 50 MW solar power project in Dhule district of Maharashtra. The project is contracted under a 25-year power purchase agreement with Solar Energy Corporation of India Limited.
Suzlon has been involved in several other deals over the last year.
<a href="https://mercomindia.com/clp-india-suzlon-partner-70-mw-solar-maharashtra/" target="_blank" rel="noopener">In September 2018</a>, the two firms had entered into a partnership to develop 70 MW of grid-connected solar PV projects &#8211; 50 MW and 20 MW in Dhule, located in the state of Maharashtra. Per the agreement signed between CLP and Suzlon, CLP had agreed to acquire 49 percent stake in Gale Solarfarms and Tornado Solarfarms, two special purpose vehicles (SPV) set up by Suzlon. In <a href="https://mercomindia.com/clp-india-acquisition-suzlons-tornado/" target="_blank" rel="noopener">November 2018</a>, Suzlon completed the sale of Tornado Solarfarms to CLP for ₹324.9 (~4.61) million.
<a href="https://mercomindia.com/canadian-solar-buys-30-mw-solar-suzlon/" target="_blank" rel="noopener">In November 2018</a>, Canadian Solar acquired the remaining 51 percent stake in two solar power projects: Amun Solarfarms and Avighna Solarfarms, from Suzlon Energy for a total of ₹280.11 million (~$3.9 million). Initially, Canadian Solar had acquired a <a href="https://mercomindia.com/suzlon-set-45-mw-solar-projects-telangana-canadian-solar-unisun-energy/" target="_blank" rel="noopener">49 percent</a> stake in Amun and Avighna for a total sum of ₹260.42 million (~$3.6 million).
In <a href="https://mercomindia.com/amp-solar-acquires-51-percent-stake-rudra-solarfarms/" target="_blank" rel="noopener">January 2019</a>, AMP Solar, a Canadian renewable developer, acquired the remaining 51 percent stake in Rudra Solarfarms, a special purpose vehicle built by Suzlon to execute the 15 MW grid-connected solar photovoltaic project at Achampet in Telangana.  <a href="https://mercomindia.com/suzlon-partners-amplus-solar-develop-15-mw-solar-project/" target="_blank" rel="noopener">In December 2016</a>, AMP Solar had acquired a 49 percent stake in Rudra Solarfarms for a cash consideration of ₹140 million (~$1.97 million).
Suzlon <a href="https://mercomindia.com/suzlon-results-second-quarter-2019/" target="_blank" rel="noopener">reported</a> a net loss of ₹2.8 billion (~$38.86 million) in the second quarter of FY19.
Image credit: Suzlon

Suzlon Completes Sale of Two of its Solar Subsidiaries to CLP Wind Farms for ₹990 Million

India Power Green Utility Private Limited (IPGUPL), a wholly owned subsidiary of India Power Corporation Limited, will co-develop 20 MW of solar in Uttarakhand in partnership with Punj Lloyd. The project will consist of two 10 MW solar projects.
For these projects, IPGUPL has acquired a 49 percent stake in PL Sunrays Power and PL Renewable, wholly owned subsidiaries of Punj Lloyd.
According to Mercom’s India Solar Project Tracker, PL Sunrays Power had won a bid to develop 10 MW of solar by quoting a tariff of Rs.5.99 (~$0.0896)/kWh and PL Renewable won a bid to develop 10 MW solar project by quoting a tariff of Rs.5.84 (~$0.0874)/kWh.
This is not a new model in the Indian solar sector. In <a href="https://mercomindia.wpengine.com/suzlon-set-45-mw-solar-projects-telangana-canadian-solar-unisun-energy/" target="_blank" rel="noopener noreferrer">October 2016</a>, Mercom had reported that Suzlon Energy, a renewable energy project developer, entered into partnerships with Unisun Energy and Canadian Solar to construct solar projects aggregating 45 MW in Telangana.
Image credit: By Schwnj (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons

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