Suzlon to invest Rs 15,000 cr for power projects in MP

The world's fifth largest wind turbine supplier Suzlon Energy will invest close to Rs 15,000 crore in the next five years to set up power projects of 2,000 MW capacity in Madhya Pradesh. The company will also set up a manufacturing base in the state.

"We don't have a manufacturing base in Madhya Pradesh. We will be setting up one there and will invest Rs 14,000-15,000 crore for executing wind power projects," Suzlon Group Chairman Tulsi Tanti told PTI.

Suzlon Group intends to build 2,000 MW of new wind energy projects in the state over the next five years, the company said at the ongoing 'Global Investors Summit' in Indore.

Suzlon Group has implemented more than 50 per cent of total wind power projects installed in Madhya Pradesh so far. The company has facilities in the states of Karnataka, Gujarat, Tamil Nadu and Maharashtra.

The company has developed large wind farms in Gujarat and Rajasthan. The Kutch and Jaisalmer wind farms have till date cumulative installation of over 1,000 MW.

Of the total 20,000 MW wind power capacity in the country, Suzlon has executed 8,500 MW capacity projects.

The wind turbine maker has presence in over 31 countries and 24,000 MW of wind power installations globally. At the end of March this year, Suzlon Group's order book stood at about $7.2 billion.

The company is currently working on its business revival strategy and plans to raise about Rs 1,000 crore from sale of non-core assets this financial year (2014-15).

In July, it received a repeat order worth Rs 750 crore from ReNew Wind Power for its 100.8 MW project in Rajasthan.

The order is for supply of 48 units of S97-120m wind turbine generators at Bhesada in Jaisalmer where ReNew Wind Power is setting up the project. It also requires Suzlon to oversee operations, maintenance and service of the site.

Shares of the company closed at Rs 12.82, down 3.90 per cent on the BSE.