"Suzlon Acquires Majority Stake in Renom to Boost Renewable Energy Services"

Suzlon has announced its acquisition of a majority stake in Renom to enhance its renewable energy services. The acquisition will be completed in two phases: the first tranche involves purchasing a 51 percent stake, with a second tranche of an additional 25 percent stake to be acquired within 18 months for ₹260 crore. This strategic move positions Suzlon to capitalize on potential operations and maintenance (O&M) opportunities for over 32 gigawatts (GW) of non-Suzlon wind energy assets across India.

Renom currently oversees 1,782 megawatts (MW) of wind energy, 148 MW of solar energy, and 572 MW of balance of plant (BOP) energy maintenance. By integrating Renom’s expertise in maintaining non-Suzlon renewable assets with Suzlon’s in-house service business, the company aims to strengthen its position across India’s renewable energy O&M sector, according to JP Chalasani, Chief Executive Officer of Suzlon Group.

Himanshu Mody, Chief Financial Officer of Suzlon Group, highlighted the benefits of the acquisition, noting, “The acquisition offers synergies through the crossover of projects, talent, locations, and systems. It provides an opportunity to leverage the Suzlon brand and our 29-year legacy to further establish Renom as a market leader.”

BS