Dear Stakeholders,
The Suzlon Group has been a staunch advocate of climate action ever since our Founder,
Late Mr. Tulsi Tanti, realised the perils of climate change during the early years of our
establishment. Since then, we have contributed to the Sustainable Development Goals (SDGs)
in various capacities through Renewable Energy and the Suzlon Foundation. In FY24, we
strengthened our commitment to achieving major milestones in Renewable Energy – a
weapon considered to be most viable to combat climate change by world leaders.
After becoming the only Indian company with 20 GW of global wind installations in the
beginning of fiscal year 2024, we concluded the year with our largest-ever order book.
Despite the evolving market dynamics, we were able to orchestrate a successful financial
turnaround, improve on all business parameters, and maintain our position as India's No.1
Wind Energy assets operator. Above all, the support of our clients and the nation's
policymakers alike encouraged us not only to be consistent in our journey but also scale
our green footprint. In that sense, Suzlon's win is a win for the planet.
Renewable Energy – Global Outlook
This is a fascinating period in our collective history. Rarely has there been a global
resolve of this magnitude to reverse the ill-effects of global warming, fossil fuels, and
climate change. Fossil fuel, in particular, is the top contributor to climate change.
Hence, at COP28, the world climate leaders agreed to deliver on the pledge for
‘Tripling Global Renewable Energy Capacity by 2030' in an effort to decarbonise 90%
of the power sector by 2050. Another pledge for fix Renewables, developed by The Global
Renewables Alliance, also received unanimous support from various governments and
independent players in the energy sector, including Suzlon. This is a critical move to
ensure rapid adoption of clean sources of energy. At present, the worldwide wind
installations stand at 1 TW. With proactive commitments like these, we may reach 3 TW in
the next seven years. However, commitments alone will do little to realise our goal of Net
Zero by 2070. We need ambitious measures and favourable policies to promote diversified
sources of Renewable Energy if we want to ensure round-the-clock (RTC) power supply that's
as efficient as conventional energy sources. Similarly, the biggest roadblock for the
global energy transition are the supply chain restrictions. Undoubtedly, we cannot meet
the rising demand with our existing supply chain. The world leaders must take decisive
actions towards building a global supply chain while leveraging their respective regional
excellences to protect and nurture local interests everywhere.
3,869.7 GW
Global RE capacity in 2023
11,000 GW
Target for 2050
Renewable Energy – India Outlook
India is among the leading countries that are championing Renewable Energy. We are the
fourth largest producer of Wind Energy and rank fourth in installed Renewable Energy
capacity in the world. Indian Wind Energy is one of the cheapest sources of energy
globally. We also have the potential to become the leader of the Global South in
renewables thanks to our ability to supplement the rest of the world with resources and
talent required to scale up renewables. India is also in an incredibly unique position
with our demand for energy for national development being met by our own resources. We can
grow independently and not only meet our domestic target of 500 GW by 2030 for renewables
but also support the Global North in meeting theirs. However, for that to occur, our
nation needs to increase our domestic manufacturing capacity. In FY24, after many years,
India's wind capacity increased by 43% when it added 3.3 GW to the Renewable Energy mix.
The National Electricity Plan estimates us to reach 122 GW of installed wind capacity by
2032 amid policy boosts and regulatory momentum. If we increase our capacity in
manufacturing, India has the potential to become the manufacturing hub for global
Renewable Energy.
The move away from a standalone source to Hybrid, Round-the-Clock (RTC), and Firm and
Dispatchable Renewable Energy (FDRE) projects will lead to wind contributing at least 40%
of the total new Renewable Energy capacities to be able to meet the consumption profile.
This is good news for India as we need more green and affordable energy, especially for
offering true equity to the less equipped locations. On that note, it gives me great
pleasure to inform you that Suzlon outperformed the sector's growth in FY24, where the
sector's capacity increased by 43%, Suzlon's wind capacity grew by 78%. With this
achievement, we further expanded our green portfolio to build on India's clean energy
infrastructure and lit up over 13.52 million households annually.
Technology and Innovation
A wind turbine is a complicated and intricate piece of engineering and continuous path
breaking innovations are key to keeping up with the rapidly changing market paradigms
facing us. Suzlon's pioneering business model of end-to-end offerings for the Wind Energy
value chain, fully integrated supply chain, history of project execution, and
best-in-class service provide us with a strong competitive edge. Having said that,
Suzlon's success hinges on our state-of-the-art R&D centres and the continuous
evolution of our products as well as our services. Our technology is time-tested and
designed for the Indian environmental conditions with our focus being on reducing the
Levelised Cost of Energy (LCoE) while maximising energy output. The 3.x MW S144 series is
a testament to this commitment.
1 TW
Wind installed capacity in 2023
2 TW
Projected milestone for 2030 by GWEC (based on current achievements)
Top 5 countries in RE installed capacity
1,453 GW
China
388 GW
US
194 GW
Brazil
176 GW
India
167 GW
Germany
India's tallest wind turbine at the 160m hub height, Suzlon's S144 turbines deliver
40-43% higher energy yields over its predecessors and meet the grid code requirements of
the nation's existing infrastructure, akin to all our other models. Built using our
cutting-edge SB 70.5 carbon fibre blade, these turbines perform excellently in low-wind
sites and offer remarkable stability in the high-wind locations.
Ever since their launch, the S144 turbines have received resounding acceptance from the
market, which has only encouraged us to keep delivering solid growth in our products and
performance to all our stakeholders. With the focus on meeting peak demand, all energy
solutions need to have the right balance of wind and solar along with real time
integration to storage and other sources of energy. The natural progression will be the
integration of Artificial Intelligence and Machine Learning for preventive turbine
maintenance, park control, and demand forecasting and scheduling of power supply among
more. While we are looking forward to this evolution, as the market demand moves towards
Hybrid, Round-the-Clock (RTC), and Firm and Dispatchable Renewable Energy (FDRE) projects,
Suzlon's technology will remain focused on supporting the new energy demands for the next
phase of global development.
India's wind energy capacity addition in FY24
2.3 GW to
3.3 GW
(43.4%) as of March 2024
Suzlon's wind energy capacity addition in FY24
495 MW to
882 MW
(78.1%) as of March 2024
Leading Energy Transition
We are at the cusp of a large-scale revolution across supply chain management, power
generation, and climate action, and Suzlon recognises the role we play in this equation.
While the world leaders work on building a global supply chain for the energy
transition to combat climate change and various issues related to sustainable livelihoods,
Suzlon will be focused on leveraging the existing policy support and advocating for more
political momentum to increase Renewable Energy's adoption.
Our proven track record of expertise in installing, operating and managing wind
turbines has enabled us to scale up faster than the growth of the sector. We are happy to
be the partners of choice for India's Net Zero journey and one of the leading global
Renewable Energy players that's focused on making mass impact to the worldwide energy
transition.
Internally, we have aligned our business to meet the global demand of end-to-end
Renewable Energy solutions, including high-performance products and comprehensive
services, all under the same entity – something that has always been our strength and
unique selling proposition in the market. For the next phase of our growth, we are
dedicatedly working on digitisation and digitalisation of our processes, showcasing our
readiness to meet the industry's rising demand.
In spite of the challenges, we are very pleased to have returned to positive financials
in FY24 and concluded the year in an even stronger shape than before, shedding the shadow
of our tumultuous past. With a contribution of 32% to India's Wind Energy market, Suzlon
is the largest Renewable Energy solutions provider in the country. With nearly three
decades of experience in Renewable Energy and sector building as well as a team of highly
experienced people who are committed to a larger mission of a greener planet we recognise
the responsibility that Suzlon shoulders in driving the global energy transition on our
home ground. There is no doubt that we are equipped to champion this journey to deliver on
our promise of a greener future and sustainable livelihoods.
Best Wishes,
Vinod R. Tanti
Chairman and Managing Director