Suzlon gets energised

Suzlon Energy is currently the top gainer of the day on the BSE. The stock is up over 7% at Rs.9.80, with an intra day high at Rs.9.99.

The stock is up after the company announced that it won a contract with Mitsui & Co (Australia) Ltd. to deliver 52 wind turbines with a total rated output of 106.6 megawatt (MW) for the Bald Hills windfarm in Victoria, Australia. The contract is combined with a service contract for the next 10 years, with a further five year option. It is the first contract for REpower with Mitsui & Co, and marks the largest EPC contract, commonly referred to as a full-turnkey contract,for REpower in Australia to date.

The quantum of the order is not mentioned. The turbines are to be delivered in Q2 2014 and to be commissioned in Q2 2015. They are expected to produce up to 380,000MWh of electricity per year, enough to power over 62,000 homes.