CESC Subsidiary Purvah Green To Supply, Maintain Wind Turbines For Suzlon Energy
The work will be completed over two to four years.
Wind Energy (Source: Unsplash)
Purvah Green Power Pvt., a subsidiary of CESC Ltd., has agreed to supply, operate and maintain wind turbines for Suzlon Energy Ltd.
The company will also engage in engineering, procurement and construction functions for the project, it said in an exchange filing. The work will be completed over two to four years.
CESC, however, did not provide any details about the deal value of the contract.
Investments in India’s critical infrastructure sectors, principally sectors such as renewable energy, roads, and real estate, are likely to grow by 38% in fiscals 2025 and 2026, according to Crisil Ratings. The ratings agency is anticipating investments to rise to Rs 15 lakh crore. Several factors, such as India's need for the creation of sustainable infrastructure, would steer the growth in investments, Crisil Ratings said in a note on June 18.
NDTV Profit reported in June 2024 that renewable energy projects will be the largest contributors to India's power generation capacity in the next six to seven years, according to Moody's, a financial services company.
"Renewable capacity addition has grown at an 18% compounded annual growth rate from 2014 to 2024, according to data from the Ministry of Power," the report said.
The firm estimates that India will have to spend close to $36 billion annually over a period of six to seven years to add the required 310 gigawatts of renewable energy capacity.
Shares of CESC Ltd. closed 1.72% lower on Monday at Rs 186.92 apiece, as compared with a 0.35% rise in the NSE Nifty 50.
Shares of Suzlon Energy Ltd. closed 0.24% lower on Monday at Rs 54.63 apiece, as compared with a 0.35% rise in the NSE Nifty 50.
