Shares of Suzlon Energy soared 18% to hit a more than five-year high of Rs 14.39 in heavy volume in intraday trade on Wednesday. Shares of the country’s largest renewable energy solutions provider were trading at their highest level since February 2018.

In contrast, the S&P BSE Sensex rose 0.24% to 62,942 at 12:41 pm. A total of 1,121 million shares, representing 11.1% of Suzlon Energy’s total share capital, changed hands on the NSE and BSE.

It has rallied 31% in the past three days, while the stock is up 82% in the current financial year 2023-24 from Rs 7.9 on March 31.

The Suzlon Group is one of the world’s leading renewable energy solutions providers, with 20 GW of wind energy installed in 17 countries. Suzlon is India’s number one wind energy services company, with the largest wind asset servicing portfolio at approximately 13.9 GW.

The group has 5.9 GW of installed capacity outside India. The 3 MW family of wind turbine technology platforms is the latest addition to its comprehensive product portfolio.

On Tuesday, Suzlon Energy announced that it had installed 12,467 wind turbines in 17 countries across six continents, thereby crossing the 20 GW wind energy installation milestone and strengthening Suzlon’s position as a major player in the global wind energy field.

“This milestone lays a solid foundation for the company to achieve exponential growth in the coming years and is a true Aatmanirbhar Bharat moment, where an Indian company is creating a global benchmark using turbines made in India,” said Girish Tanti, Suzlon Vice Chairman, Group.

According to the Ministry of New and Renewable Energy (MNRE), India currently has a total installed renewable energy capacity of 168.96 GW (as of February 28, 2023), of which about 82 GW is in various stages of implementation and about 41 GW Watts are in the bidding phase. This includes 64.38 GW of solar, 51.79 GW of hydro, 42.02 GW of wind and 10.77 GW of biomass.

Suzlon has become the first Indian wind energy company to have installed 20 GW of wind energy globally and has accumulated a 33% share of the wind energy market in India.

The improved balance sheet was helped by the company’s Operations and Maintenance Services (OMS) and Wind Turbine Generators (WTG) segments, as well as industry tailwinds, restructuring, refinancing and a successful rights issue.

Suzlon’s product portfolio ranges from 225KW to the newly launched 3MW-S414 series, accounting for 51% of the current order book (1,542MW).