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India

India

Suzlon praises positive policies as revenues increase 28.5%

INDIA: Turbine manufacturer Suzlon reported revenues of INR 50 billion ($748 million) in the first nine months of its 2016 financial year, with the group looking to take advantage of wind-friendly policies in its domestic market.

Suzlon is planning to introduce a 2.1MW turbine on a hybrid tower in 2016
Suzlon is planning to introduce a 2.1MW turbine on a hybrid tower in 2016

Suzlon's pre-tax earnings also rose 16.6% to INR 8.46 billion ($125 million) in the nine months to 31 December 2015.

The increase in revenue was due to a 75% growth in sales volume to 688MW in the nine-month period, from 393MW a year earlier.

Favourable policy initiatives from its domestic Indian market include the government's approval of the new power tariff for renewable energy and a new policy on offshore wind strategy.

The group also highlighted the five-year phase out of the US production tax credit that could lead to a "multi-year boom", Suzlon said. It also expects a boost from the global COP21 deal agreed in December. 

"At the Paris COP21, India pledged to reduce CO2 by 33% by 2030 and to bring 40% renewable energy in the country's overall energy mix," said Suzlon chairman Tulsi Tanti.

"This is a huge commitment to the global society and we are proud to play our part as a major contributor to this initiative as well as truly 'make in India' in the renewable space," he added.

Suzlon is also planning to introduce this year its new S111 2.1MW turbine with a combined tubular-lattice hybrid tower design.

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