Electrifying the world
“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. We are anchoring a new business architecture and are carrying forward the vision our late founder, Tulsi Tanti, had set out. As part of this transformation, we have outlined ambitious growth targets for FY31,” explains Girish Tanti, the 56-year-old vice chairman of the Pune-based Suzlon Energy Ltd (SEL), as it marks its evolution into a wind-first, full-stack renewable energy solutions company designed for the accelerating global energy transition.
Currently, with revenues of Rs16,679 crore (March 2026), rising from Rs6,496 crore in March 2024, net profit has increased from Rs606 crore to Rs3,163 crore, with a market capitalisation of more than $7.5 billion as of June 2026.
Tanti is also the vice chairman of the Global Wind Energy Council (GWEC). “Suzlon’s over 8,500 good-energy people are shaping the clean energy transition every day in India and across the world.”
In this new avatar, the company has introduced a new business architecture spanning RE Tech, RE DevCo, RE Projects and RE Asset Management, enabling integrated delivery across the renewable energy value chain. Alongside, Suzlon unveiled its new brand promise ‘Good Energies That Work,’ reinforcing its focus on delivering reliable, accessible and intelligent renewable energy solutions.
“The world no longer needs just more clean energy: it needs clean energy that works. As energy becomes the foundation of economic growth and human progress, reliability matters as much as sustainability,” observes Dharini Mishra, chief brand and reputation officer at the Suzlon Group.
She adds that the new brand promise – ‘Good Energies That Work’ – captures “our belief that good energy enables human possibility. It is our commitment to delivering renewable energy that is dependable, accessible, affordable, integrated and intelligent, because good energy must do more than exist – it must work. In essence, ‘Good’ reflects the positive impact we create on customers, communities, economies and the environment. ‘Energies’ represents the clean renewable power we harness and scale. ‘That Works’ is our commitment to delivering on demand, performing under pressure and proving capability through consistent execution.”
Integrated platform
“Together, these businesses create an integrated platform that enables renewable energy delivery at scale with speed, certainty and long-term performance while powering reliable, accessible, affordable and intelligent energy systems. By FY31, we aim to expand annual renewable energy sales fourfold to 10 GW, grow our order book to 15 GW and scale our assets under management (AUM) fourfold to 70 GW, building a strong annuity-led business,” adds Tanti, as Suzlon enters a transformative growth phase with a clear ambition to become one of the world’s most integrated renewable energy companies.
“This growth will be supported by a 40 per cent market share in India’s wind market, 3 GW of export order intake and a shift towards a higher-value mix by targeting a 60 per cent volume contribution from RE DevCo,” says Tanti, looking to make Suzlon India’s first full-stack renewable energy company encompassing all technologies: wind, solar, battery energy storage systems (BESS) and energy management services under a single, bankable delivery model.
“We are becoming a lifetime trusted partner for clients for all their renewable energy needs. In wind, we will continue to innovate market-defining turbines, while in solar, we are pursuing an asset-light model that leverages ecosystem partnerships. The model solves the challenge of fragmented renewable procurement and execution through a single accountable partner,” adds Tanti.
‘BlueSky’
As it happens, wind remains Suzlon’s core growth engine, with ambitions to maintain a 40 per cent market share in India and secure 3 GW of export order intake by FY31. Growth will be driven by the ‘BlueSky’ product platform, featuring next-generation high-capacity wind turbines – the S175 (5 MW) and S163 (6.3 MW) – alongside a comprehensive portfolio spanning 2 MW to 6+ MW.
In battery energy storage systems (BESS), Suzlon is foraying into intelligent storage solutions to make renewable energy more reliable, dispatchable and grid-ready. The company plans to establish a BESS manufacturing facility by 2027, focused on developing intelligent storage solutions tailored to Indian grid conditions. The business addresses renewable energy intermittency and grid reliability challenges.
Through RE DevCo, Suzlon has created India’s first and only integrated co-development platform for converting renewable potential into execution-ready sites at scale. Built on long-horizon partnerships spanning 3-5 years, it helps customers scale their renewable energy portfolios faster through end-to-end development capabilities covering land, grid connectivity, approvals and project execution. Backed by 30 years of wind leadership, the platform addresses some of the sector’s biggest bottlenecks – project readiness, speed to market and scale.
“RE DevCo will be the growth engine of Suzlon 2.0. As India’s first integrated renewable energy co-development platform, it is designed to solve the industry’s biggest challenge by accelerating project readiness, scaling projects and reducing time to market. We aim to capture 60 per cent of our volume contribution from RE DevCo, leading to a 40 per cent market share in the Indian wind market. We are targeting a 15 GW renewable energy order book and 3 GW of export order intake by FY31,” says Ajay Kapur, CEO, Suzlon Group, outlining the strategy.
RE asset management services
Suzlon aims to grow its assets under management fourfold to 70 GW by FY31, creating a large annuity business. The company is expanding its asset management services across wind, solar, hybrid and multi-brand portfolios.
“Leveraging digital pathways and a nationwide service network, we will maximise asset performance across the lifecycle. The business addresses the challenge of maintaining long-term reliability, efficiency and returns from renewable energy assets,” adds Kapur.
Suzlon is also scaling its EPC platform to deliver integrated wind, solar and BESS projects with greater speed, quality and predictability. “It solves execution challenges by reducing project delays and improving delivery certainty.”
“Suzlon’s FY31 plan targets 10 GW in annual renewable energy sales, 15 GW of order-book growth and a scale-up of AUM to 70 GW by recalibrating its focus from product sales to project sales and eventually becoming a solutions provider. We believe Suzlon is trying to follow the common evolution strategy of industrial OEMs (Goldwind – the world’s No. 1 wind OEM; Vestas – the world’s No. 1 ex-China), progressively graduating from an equipment supplier (moderate revenue, high margin) to EPC (high revenue, low margin), then to a turnkey solutions provider (very high revenue, medium margin) and finally to a solutions provider (recurring revenue, high margin). Although we appreciate the move to address upcoming growth challenges, we would revise our estimates once green shoots take root,” states a JM Financial equity report, maintaining a BUY rating with an unchanged target price of Rs65 based on 25x FY28E EPS.
“Suzlon intends to build a strong annuity-led business. This growth will be supported by a 40 per cent market share in India, 3 GW of export order intake and a shift towards a higher-value mix by targeting a 60 per cent volume contribution from RE DevCo. Suzlon plans to maintain approximately 40 per cent market share in India (currently 30-35 per cent). It targets securing 3 GW of export orders during FY27-31, backed by high-capacity wind turbines – the S175 (5 MW) and S163 (6.3 MW). The combined worldwide market share of Suzlon and its subsidiaries was about 10 per cent in 2009, making it the world’s third-largest wind turbine generator player at the time,” states the JM report.
Development company (DevCo)
The company will pursue the DevCo model (development company) by launching an integrated co-development platform offering end-to-end capabilities across land, grid connectivity, approvals and project execution. “Suzlon has revived an earlier signed project implementation contract as DevCo for the implementation of 2.1GW of wind projects in Andhra Pradesh – state government has provided connectivity for the full 2.1GW and PPA assurance of 775MW FDRE. This was a key competitive edge for the company in the earlier cycle,” states the report.
Suzlon’s Andhra Pradesh PIA, originally signed in 2015, has recently been extended by 2 years. The PIA provides the development rights for 2.1GW RE projects in the state. Under this framework, the company undertakes early-stage activities including land aggregation, site identification, approvals, and connectivity planning before converting these projects into EPC contracts. Of the total pipeline, 775MW is proposed to be implemented in an FDRE structure, while the balance 1,325MW would be monetised as EPC contracts for either standalone wind or FDRE projects starting June. “The project is the company’s first scaled implementation of its DevCo strategy”, says a Systematix group report expecting India’s wind installations to grow from 6.1GW in FY26 to 8-9GW in FY27, 10GW in FY28, with a longer-term target of 15GW by FY31, driven by rising power demand, and FDRE mandates.
“Additionally, wind’s contribution to peak demand is increasing, with 21 per cent during the evening peak of 250GW (when solar was 0 per cent), compared to 5 per cent during the daytime peak of 270GW (when solar contributed 22 per cent).
Suzlon, has 21.5 GW of wind energy capacity (15.5 GW in India and 6 GW globally) installed across 17 countries and a diverse portfolio of renewable energy businesses. For over three decades, Suzlon has partnered with leading PSUs, IPPs, and C&I businesses in India as a lifetime renewable energy partner, helping accelerate the transition towards a future where clean energy is not intermittent but dependable, not expensive but accessible, and not fragmented but integrated.
“Our next-generation product portfolio includes 2.x MW – 6.x wind turbine systems alongside integrated renewable energy solutions designed for the connected energy systems of tomorrow,” observes Tanti who is scaling up its EPC platform (28 per cent of orders currently) to deliver integrated wind, solar and BESS (will establish a BESS manufacturing facility by 2027) projects to address the execution challenges being faced by developers and under the asset management services Suzlon aims to grow its AUM by 4x to 70GW by FY31E (15.7GW currently), creating a large annuity business.
Evolution strategy
Given peak power shortages presently, wind power (available in the evenings) has got fresh impetus from the industry and policy makers (unintended beneficiary of Middle East crisis) as evident from Karnataka’s fresh move to target 6.1GW wind power capacity by 2030E. “We believe Suzlon is trying to follow the evolution strategy of industrial OEMs – transitioning from an equipment supplier (moderate revenue, high margin) to EPC (high revenue, low margin) to a turnkey solution provider (very high revenue, medium margin) and finally to a solution provider (recurring revenue, high margin). Both wind OEMs, Goldwind (world number 1) and Vestas (world number 1, ex-China) too have evolved from turbine manufacturing to wind farm development and EPC to asset management and currently smart energy solutions,” states the JM report.
Talking about the world, Tanti says in his GWEC report: “The global wind industry entered 2026 with confidence, as a foundational pillar of the emerging Electrotech era. In 2025, the sector delivered another record year, installing 165 GW of new capacity worldwide. Wind power is increasingly a pivotal technology of the modern electricity system, the only clean energy source with proven scale, reliability and geographic versatility to anchor grids, meeting surging industrial demand and delivering energy security simultaneously. It is already doing so across economies where power demand is rising, digitalisation is accelerating and industrial competitiveness demands clean, reliable and secure energy”.
GWEC report is published at a moment of profound geopolitical fracture and sustained volatility in global energy systems. The escalating conflict in the Middle East, including the closure of the Strait of Hormuz, has once again exposed the fragility of fossil fuel dependent economies – triggering supply disruptions, price shocks and cascading economic consequences across regions.
This is not an anomaly but a recurring feature of the global energy system, seen from the oil crises of the 1970s to today: reliance on concentrated, trade-dependent fossil fuels is a structural vulnerability. “The story of wind in 2025 is about more than record installations: it reflects the continued maturation of a technology that delivers long-term value across the real economy, strengthening energy security, enhancing system reliability and underpinning industrial growth in both established and emerging markets. This progress has taken place against a challenging backdrop of volatile fossil fuel prices, commodity pressures and rapidly rising electricity demand driven by digital infrastructure and new manufacturing,” adds Tanti.
This year’s Global Wind report observes that many of the most compelling stories are emerging from Asia. China installed nearly 120 GW in 2025, almost matching the entire world’s 2024 total wind additions, while India reclaimed its position as the world’s third-largest wind market with a record 6.34 GW of new onshore capacity, an 85 per cent increase from the previous year. In South Korea, Vietnam and the Philippines, decisive regulatory reforms are translating political will into investible pipelines, with each market demonstrating that the intention to achieve right policy architecture can rapidly shift the conditions for deployment.
Meanwhile, the Middle East and Central Asia are becoming substantial wind energy markets driven by giant-scale projects and highly competitive prices. Energy security is being redefined. It is no longer measured by access and affordability alone, but by resilience, diversification and sovereign control over supply. In this context, the energy transition has become a strategic imperative as much as a climate one. At scale, domestic wind power delivers across all of the four ‘A’s that frame energy security: availability, accessibility, affordability and acceptability.
“By reducing reliance on imported fuels, wind power stabilises long-term electricity costs and offers a politically and socially acceptable pathway toward cleaner energy systems. Countries that recognise this are not only accelerating decarbonisation – they are positioning themselves more competitively in an increasingly volatile global landscape. Wind installations in 2025 pushed cumulative global capacity past 1,299 GW, as wind cemented its role as a cornerstone energy source of the world’s major economies and growth markets. China’s record installations brought its cumulative total to over 640 GW, a testament to wind’s position at the heart of the largest power system globally.
“India’s record additions reinforce wind’s centrality to the world’s fastest-growing economy. In Europe, Germany added 5.7 GW (onshore and offshore), while Brazil contributed 2.3 GW, underscoring that wind remains the workhorse of the energy transition in the largest economies of every region,” sums up Tanti.
Box 1
Restructuring and revival
Founded in 1995 by the late Tulsi Tanti, Suzlon Energy grew from a small textile-linked power venture into India’s premier renewable energy company. Over the past three decades, the company transformed from an ambitious global market leader into a heavily indebted corporate casualty before executing a remarkable multi-year financial turnaround.
Until 2005, the company was on a strong growth trajectory and launched its IPO. It expanded internationally into the US, China and Europe, while acquiring major overseas assets such as the German turbine manufacturer Senvion (formerly REpower). However, this aggressive debt-fuelled expansion, combined with the devastating impact of the 2008 global financial crisis and subsequent quality issues in its international blade shipments, left the company burdened with unsustainable debt.
From 2009 to 2019, Suzlon endured a decade-long struggle to service multi-billion-dollar debt obligations. It faced several high-profile debt defaults, underwent multiple debt restructuring exercises and eventually saw its share price fall to penny-stock levels.
From 2020 onwards, through a combination of asset sales (including the divestment of Senvion), debt-to-equity swaps and a substantial equity infusion, Suzlon significantly reduced its debt burden. The company has since returned to profitability and repositioned itself as one of the leading players in India’s modern wind energy sector.
Box 2
Clean power adoption
The GWEC report states that the renewables revolution has moved from ambition to execution, as the world economy looks set to grow by around 40 per cent by 2035. This is producing an explosion in clean power adoption, rapid digitalisation and industrial booms in both new and established markets.
Global commitments such as the UAE Consensus underscore the need to ramp up renewables and drive greater efficiency – both crucial to keeping global warming as close as possible to a 1.5°C rise. The period between 2026 and 2030 demands delivery, and wind power is already doing so confidently at an unprecedented pace – with unmatched scale, cost leadership and system-level benefits. Most importantly, wind is an indigenous resource, giving markets a credible pathway towards energy security and long-term resilience.
In this Electrotech era, power systems are strategic assets, as electricity underpins vehicle fleets, data centres, advanced manufacturing and the production of critical minerals. The strength and flexibility of power systems have come to directly shape national competitiveness.
“Grids have become instruments of economic policy, determining the destinations for capital and industry, and which markets secure supply chains and technological leadership. Wind delivers system-wide value, whether a country prioritises economic growth, industrial competitiveness, energy security, community revitalisation, or more practical concerns such as system balancing to complement rapid solar build-out. It is scalable, domestic and proven, anchoring resilient grids while generating whole-of-economy dividends that extend far beyond the power sector,” states Tanti, who calls on policymakers, industry and partners across business and civil society to lean decisively into wind power as the reliable workhorse of the age of electrification.
From new supply-chain considerations driven by changing global trade dynamics to disinformation and residual macroeconomic headwinds, the challenges are real and must be acknowledged.
“But they are risks that can be anticipated, allocated and managed through open and transparent dialogue. The countries that treat wind as a strategic, long-term pillar of their energy system are already pulling ahead, shifting the role of wind farms from standalone assets to fully integrated power ecosystems.”
Across continents, wind is anchoring AI infrastructure through dedicated power purchase agreements (PPAs), delivering renewable power to electric vehicles and heat pumps, directly electrifying industrial loads, enabling power-to-X fuels, giving back to communities, and using technology to improve forecasting, dispatch and grid integration. Where a whole-system approach is taken, progress accelerates.
“In that system, wind is not a supporting technology: it is foundational infrastructure for competitive, secure and future-ready economies,” he says in his report, which seeks to demonstrate that wind is not a future bet; it is already winning in the age of electricity.
Across emerging and high-growth markets, wind is accelerating through techno-industrial transformation, while energy policy is being developed in parallel with industrial policy to strengthen national competitiveness. The sections that follow show what works in practice and highlight a clear formula for electrifying industrial loads, enabling power-to-X fuels, supporting communities, and using technology to improve forecasting, dispatch and grid integration.
Where a whole-system approach is taken, progress accelerates. In that system, wind is not a supporting technology – it is foundational infrastructure for competitive, secure and future-ready economies.
“This report sets out to demonstrate that wind is not a future bet; it is already winning in the age of electricity. Across emerging and high-growth markets, wind is accelerating through techno-industrial transformation, while energy policy is being developed in parallel with industrial policy to strengthen national competitiveness.”