Shares of Suzlon Energy Ltd surged 3.5% to touch a day’s high of Rs 47.38 on 28th January. This rally followed the company announcing its first major order from ArcelorMittal.

Suzlon Energy said in an exchange filing that it has secured a 248.85 MW wind energy order from the ArcelorMittal Group through its renewable energy arm in India. Notably, this marks Suzlon’s first-ever order from ArcelorMittal.

This is the fourth green steel–related order Suzlon has won in the past year. The ArcelorMittal project will be executed in Gujarat’s Bachau region.

Under the order, Suzlon will supply 79 S144 wind turbine generators, each with a rated capacity of 3.15 MW. The project forms part of a larger 550 MW hybrid renewable energy project in Gujarat. Additionally, it will be used for captive power at ArcelorMittal Nippon Steel’s facilities in India.

Following this order, Suzlon’s total installed capacity in Gujarat has increased to 4.5 GW.

Commenting on the development, Suzlon Group Vice Chairman Girish Tanti said that steel remains one of the most energy-intensive sectors. Moreover, renewable energy is emerging as a competitive and viable solution as the industry moves towards decarbonisation.

Meanwhile, Suzlon Group CEO JP Chalasani said the company aims to gradually raise the share of its EPC business to 50% of its overall order book. He added that EPC is expected to drive a larger share of future order wins.

At 10:37 AM, shares of Suzlon Energy were trading 1.94% higher at Rs 46.68 on NSE.

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