Suzlon Energy shares gain over 3% after 248 MW order win from ArcelorMittal

Shares of Suzlon Energy Ltd. gained as much as 3% on Wednesday, January 28, after the company announced its first major order from ArcelorMittal.

In an exchange filing, Suzlon Energy highlighted that it has won a 248.85 MW wind energy order from the ArcelorMittal Group, through its renewable energy entity in India. This is the first order that the company has won from the ArcelorMittal Group.

This is the fourth order for Green Steel that Suzlon Energy has won in the last one year. The said project from ArcelorMittal will be executed in Gujarat's Bachau region.

Suzlon Energy will be supplying 79 S144 WTGs with a rate capacity of 3.15 MW. This order is part of the 550 MW hybrid project in Gujarat, where the wind order has been awarded to the company for captive use for ArcelorMittal Nippon steel facilities in India.

With this order, Suzlon's overall installed capacity base has grown to 4.5 GW in Gujarat.

"Steel is the backbone of India’s infrastructure, yet it remains one of the most energy-intensive industries. As the sector accelerates its journey toward decarbonization, renewable energy has become a competitive and viable contributor," Suzlon Group Vice Chairman Girish Tanti said.

Suzlon Group CEO JP Chalasani said that the company is aiming to gradually increase the share of the EPC business to 50% of its overall order book. "We expect EPC to drive an increasing share of our upcoming order wins," he said.

Shares of Suzlon Energy are trading with gains of 3.2% after the order win announcement at ₹47.23. The stock is down nearly 50% from its recent 52-week high.