Suzlon Energy signs contract with Meridian Energy; shares up

Debt-hit Suzlon Energy, its group-subsidiary REpower Systems SE has signed a contract with Meridian Energy to supply 64 MM92 wind turbines.

Shares of the company were seen trading higher by 1.94% at Rs 15.24 on BSE at 11.37 am IST.

The Mt Mercer is a wind farm project which is based in Victoria, Australia.

This is REpowers first contract with Meridian Energy and the companys largest supply & install contract for its MM series turbines in Australia to date. The wind turbines are scheduled to be installed and commissioned between September 2013 and January 2015.

Speaking about the contract, Chris Judd, CEO - REpower Australia, said, Being awarded this contract during our 10 years in Australia celebrations underscores REpowerAustralias longstanding commitment to the Australian wind energy industry and the opportunities presented by the renewable energy target which will deliver around 7 GW of new wind generating capacity inAustralia by 2020.

Andreas Nauen, CEO - REpower Systems SE, stated, This is a landmark order - we are delighted that our wind turbine technology has been selected by Meridian Energy to construct the Mt Mercer wind farm. This reinforces our position as one of the leading players in the Australian wind energy sector, a key market for us in the years ahead.

Tulsi Tanti, chairman, Suzlon Group, said, This order once again underscores the depth of our capabilities as a group. The combination of our product portfolio; our deep experience in installing and operating projects in very challenging conditions; and our exceptional operating record, with turbine availability consistently exceeding the industry average, makes us the partner of choice in the Australian market, and around the world.

The company's first quarter results were disappointing and reported a loss of Rs 849 crore in the first quarter.

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