Suzlon Energy Wins India's Largest Wind Project From NTPC, Shares Jump

Suzlon Energy Ltd. secured India’s largest wind energy order from NTPC Green Energy Ltd. for a 1,166 megawatt wind project in Gujarat. The company will install a total of 370 wind turbine generators at two projects of NTPC Renewable Energy Ltd. and one project of Indian Oil NTPC Green Energy Pvt.

The new project takes Suzlon’s largest‐ever cumulative order book close to 5 GW, the company said. The value of the deal has not been disclosed.

"This project will emerge as the largest wind energy initiative by a PSU in Gujarat, cementing the state’s leadership in renewable energy," Suzlon Group Vice Chairman Girish Tanti, said.

The company will deploy its flagship product the S144 wind turbine equipped with a hybrid lattice tubular tower and a rated capacity of 3.15 MW for this NTPC project.

As part of the agreement, Suzlon will supply the wind turbines and execute the project, including erection and commissioning, in Gujarat as well as undertake operations and maintenance services post‐commissioning. The electricity generated will power around three million households.

The Pune-based company has India's largest service portfolio of over 14.8 GW in wind energy assets, and also has 6 GW of installed capacity outside the country.

The project is expected to complete by February 2026 and Suzlon will provide services for 10 years, Chief Executive Officer JP Chalasani told NDTV Profit. "The revenue will start coming in by the third quarter this year. Supply has never been a constraint for us and because of the advanced action by NTPC, this project can take off quicker."

The company will bid for more public-sector contracts given the healthy balance sheet, he said.

The operating margin will significantly improve with increase in quantity of projects, but regulated tariff structure will limit any major rise in turbine prices, Chalasani said, reiterating the company's high-teens margin guidance. The wind turbine segment contributes around 23% to Suzlon Energy's operating margin.