Mumbai: Wind turbine maker Suzlon on Wednesday announced a diversification, aiming to become a full-stack renewable energy solutions company.
The Pune-headquartered company will be foraying into businesses including battery storage and also start an integrated co-development platform converting renewable potential into execution-ready sites at scale which it has christened as 'RE DevCo', a company statement said.
Officials said the DevCo arm alone will witness investments of Rs 500 crore in FY27, and added that other parts of the business will see a capital expenditure of an additional Rs 600-700 crore in the fiscal year.
The company also disclosed its five-year ambitions on Wednesday, which include expanding annual renewable energy sales fourfold to 10 GW and growing orderbook to 15 GW by 2031.
It also desires to scale its asset under management fourfold to 70 GW, which shall include annuity-led business as well.
Suzlon plans to maintain a 40 per cent market share in the wind market all along and export orders of 3 GW.
It plans to establish a battery energy storage systems (BESS) manufacturing facility by 2027, focused on developing intelligent storage solutions tailored to Indian grid conditions.
"As the world enters a super-cycle of electrification, Suzlon 2.0 is built to partner with customers and nations to accelerate the energy transition," its vice chairman Girish Tanti said.
Its chief executive Ajay Kapur said the DevCo will be the growth engine for the company going forward.
The Suzlon Energy scrip closed 0.28 per cent down at Rs 54.38 a piece on the BSE on Wednesday as against a 0.41 per cent correction on the benchmark.
