Suzlon Group, a global renewable energy solutions provider, has announced several key highlights among its quarterly results of financial year (FY) 2016-2017, including a strong wind order book at 1,205 MW for the current year.
According to Suzlon, the company has recorded stable volumes, margins and reduced interest costs, having delivered 204 MW in the first quarter of FY17.
J.P. Chalasani, group CEO of Suzlon, said, “We are very optimistic on the growth of renewables in India. The country witnessed record renewable energy installations in FY16, and the industry will surpass it by over 30 percent in the current fiscal. Combined, wind and solar capacity has surpassed hydro capacity and is only next to coal-based capacity in India.
“The government thrust on renewables is supported by positive policy actions to enable the target of 175 GW of renewables by 2022,” Chalasani continued. “Our confidence to achieve higher than the industry growth rate comes from our product portfolio, strong order backlog, execution capabilities, and strong presence across the value chain and customer segments.”
Kirti Vagadia, Suzlon’s chief financial officer, said, “In FY17, we are focused on ramping up volumes by executing our strong order backlog, ensuring that we continue to maintain tighter control on our working capital and fixed costs. We are also adequately capitalized to deliver high volume in the coming quarters.”
Among others, several key company highlights are as follows:
- Key order wins include a 132 MW repeat order from ReNew Power; 75.60 MW from various public-sector undertakings and small and medium enterprises; and 58.8 MW from a leading independent power producer.
- In a technology update, the company says its S111 120-meter hybrid tower turbine received type certification.
- In recent milestone and recognition announcements, Suzlon commissioned a 4.20 MW maiden wind project for Ahmedabad Municipal Corp.; received the Golden Peacock Award 2016 in the “Eco-Innovation” category for the S97 120-meter 2.1 MW hybrid tower wind turbine with an all-steel hybrid tower; reached an operational milestone of 20 years at its first wind farm at Dhank, Gujarat; and was recognized as the No. 1 green energy company in India and ranked 67th globally in the inaugural Carbon Clean 200 list of clean energy companies worldwide.
- In the company’s market outlook, Suzlon found wind energy in India delivered the highest installation of over 3,400 MW in FY16 and is expected to grow by more than 30% in FY17; policy stability in the U.S. with the five-year production tax credit extension will result in immense growth for wind energy in the U.S.; and the Global Wind Energy Council forecasts global wind energy capacity to double over the next five years.
The Suzlon Group has an international presence across 19 countries in Asia, Australia, Europe, Africa, and North and South America. With over two decades of operational track record, the group has a cumulative installation of approximately 15.5 GW of wind energy capacity.
