Suzlon Regains Top Position in India Wind-Turbine Market

Jun 25, 2014 8:01 am ET

(Updates with Suzlon ranking in first paragraph.)

June 25 (Bloomberg) -- Suzlon Energy Ltd. regained its position as India’s top wind-turbine supplier from Wind World (India) Ltd. as agreements to reschedule its debt allowed it to complete orders in a resurgent market.

The Pune-based company installed 403 megawatts of turbines out of an industry total of 2,055 megawatts in the year ended March 31, according to data compiled by the Indian Wind Turbine Manufacturers’ Association and obtained by Bloomberg News. IWTMA Secretary-General D.V. Giri verified the figures.

Spain’s Gamesa Corp Tecnologica SA climbed four spots to No. 2 with 396 megawatts of installations, almost quadruple the previous year, according to the figures. Mumbai-based Wind World, formerly known as Enercon (India) Ltd., dropped to third place with 354 megawatts.

Turbine makers are benefiting from India’s decision in August to revive a subsidy that is helping Asia’s second-biggest wind market recover from a record 42 percent drop in installations in the fiscal year ended March 2013. Installations in 2014 are set to rise 35 percent to 2.3 gigawatts, according to Shantanu Jaiswal, a New Delhi-based wind analyst for Bloomberg New Energy Finance.

Lost Spot

Suzlon lost the top spot last year for the first time in at least a decade as it struggled to carry out orders after committing India’s biggest convertible-bond default. The company’s shares have almost tripled since January, leading gains in global wind-energy stocks, on expectation that a five- year extension on bond repayments and a new, pro clean-energy government in India will help it recover. Suzlon fell 2.1 percent to 29.85 rupees in Mumbai today.

Suzlon’s share of the market has steadily decreased since 2010 from 50 percent to 20 percent as newer entrants including Gamesa and General Electric Co. expanded their foothold. Gamesa tripled its share to 19 percent from the previous year.

Denmark’s Vestas Wind Systems A/S, the world’s biggest wind-turbine maker and one of the first to enter the Indian market, installed 80 megawatts to retain the seventh position.