Suzlon Group Bags Wind Power Project In Riyadh

Suzlon Group Bags Wind Power Project In Riyadh

Suzlon Energy Limited informed on Tuesday that the Suzlon Group has won an order of 50.40 MW wind power project from Riyadh-based Alfanar Group.

The order was received for 24 units of S111-90m wind turbine generator, each with a capacity of 2.1 MW. The project is expected to be completed by March 2018.

Alfanar Energy is a fully-owned subsidiary of the Alfanar Group and has allocated resources for setting up 2.2 GW of renewable energy projects in the next five years and will focus on wind, solar and biomass energy primarily in MENA, India and Southern Africa.

Suzlon will execute the entire project on a turnkey basis and will also provide operation and maintenance services.

The project has the potential to provide power to over 27,000 households and reduce 0.10 million tonnes of CO2 emissions per annum.

Stock View:

Suzlon Energy Ltd is currently trading at Rs 19.2, up by Rs 0.25 or 1.32% from its previous closing of Rs 18.95 on the BSE.

The scrip opened at Rs 19.15 and has touched a high and low of Rs 19.35 and Rs 19.15 respectively. So far 7633622(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 9839 crore.

The BSE group ‘A’ stock of face value Rs 2 has touched a 52 week high of Rs 22.25 on 22-May-2017 and a 52 week low of Rs 12.47 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 19.55 and Rs 18.25 respectively.

The promoters holding in the company stood at 20.28 % while Institutions and Non-Institutions held 19.28 % and 60.27 % respectively.

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