Clean energy commitment

Suzlon Group says India’s commitment at COP21 to achieve 40 per cent renewables by 2030 will continue to fuel demand for clean energy in the country.

“Strong intent of the Government and supportive policy actions to enhance the role of renewables in India’s energy security,” it noted in its latest market outlook.

“Policy impetus such as approval revised Renewable Purchase Obligation (RPO) trajectory, approval on repowering policy and 1 GW under Inter-state transmission scheme (ISTS) across various states will further bolster incremental demand for renewable energy in India,” said Suzlon.

Wind energy in India delivered highest installation of over 3,400 MW in FY16 and is expected to grow by more than 30 per cent in FY17, it said.

Suzlon formed joint ventures with Canadian Solar for two projects of 15 MW each and one project of 15 MW with Unisun Energy Group. All three al

Suzlon also has a joint venture with Ostro Energy for the development and construction of a 50 MW solar project in Telangana.

Suzlon reported a net profit at Rs.238 crores, as against loss of Rs. 202 crores in Q2 FY16.

The Pune-based Suzlon said its order book continues to remain strong at 1,136 MW capacity of projects valued at Rs.7,165 crores.

New orders of 449 MW in H1 FY17 included contract in Q2 from Oil India Ltd (52.50 MW) and 111.30 MW from corporates and small and medium enterprises (SMEs).

Its consolidated revenue was Rs.2,746 crores, up 57 per cent on the year.

EBITDA was Rs.586 crores, a five times growth on YoY basis.

J.P. Chalasani, Group CEO, Suzlon, said, “Our performance is further boosted by rapid technological advancements and a conducive policy environment. Recent policy impetus such as revised RPO trajectory, approval on repowering policy and 1 GW under Inter-state transmission scheme across various states will further bolster incremental demand for renewable energy in India. We are confident of maintaining this momentum and building on our strengths.”

Added Group CFO Kirti Vagadia: “Strong volume growth, controlled costs and resultant operating leverage enabled strong financial performance in this quarter. We remain focused on tapping business efficiencies and sustainability of profitable growth.” fii-news.com