Suzlon Group, India's largest renewable energy solutions provider today announced that it has commissioned 626 MW of wind power projects in the financial year 2017‐18 (FY18), the highest installations by any player during this fiscal.
With this, Suzlon has gained a market share of 35 % despite an extremely challenging year for the sector and several hurdles due to the transition from FIT to bidding regime. As a result, the overall wind industry installations plummeted to 1,766 MW in FY18 (32% of FY17 installations) due to stagnant volumes, uncertainty on PPAs and policy environment.
Suzlon's achievement this fiscal year comes in the backdrop of a paradigm shift in the way wind business is conducted in India, with the advent of competitive bidding. Suzlon's agility to adapt quickly and efficiently to the changed market dynamics combined with technologically advanced products, project execution capabilities, vertically integrated operations and pan‐India presence helped it emerge victorious with highest installations in FY18. Apart from this, Suzlon leveraged its over two decades of experience in the domestic market and undertook several measures to overcome the hurdles. Cost optimization across the value chain, introduction of products delivering higher energy yield and rapid execution were some of the steps in this direction.
J.P. Chalasani, Group CEO, Suzlon Group said, ''This achievement is a testament to our strong technical and project execution capabilities and over two decades of experience in the Indian market. We have achieved this excellence despite a challenging year for the industry owing to the transition from Feed‐in Tariff (FiT) to the competitive bidding regime. We thank our team, 1,800+ customers, lenders, and vendor partners for their unwavering support. FY19 would be the start of a high volumes market with central and state‐level auctions in India. The sector will witness exponential growth with ~10‐12 GW volumes each year. There is a clear visibility of volumes even before the start of FY19. Suzlon is well positioned to reap the benefits in this new business regime with its end‐to‐end solutions, continuous investment in India specific wind turbine technology, vertically integrated operations and best in class services. Technological innovations will continue to be the bedrock of our growth.''
Shares of the company declined Rs 0.08, or 0.67%, to trade at Rs 11.78. The total volume of shares traded was 209,765 at the BSE (10.07 a.m., Monday).
