Sany Renewable’s indian unit receives two large wind power orders

The Indian subsidiary of Chinese wind power giant Sany Renewable Energy has received two large orders for wind power generators.

Sany Wind Energy India will provide wind turbines with a total power generating capacity of over 1.3 gigawatts to three subsidiaries of Indian conglomerate JSW Group and wind turbines with a power generating capacity of 300 megawatts to the local unit of Singaporean energy giant Sembcorp Industries, Sany Renewable announced yesterday.

The company did not disclose the value of the orders, their delivery schedule, or any other details.

Sany Renewable is the wind power business of Chinese engineering machinery giant Sany Group. It sold wind turbines with a total power generating capacity of 3.3 GW in the first half of the year, up 121 percent from a year earlier, according to the Beijing-based firm’s semiannual earnings report.

Sany Renewable’s revenue from the wind turbine and related parts business totaled CNY4.9 billion (USD687.1 million) in the six months ended June 30, accounting for nearly 94 percent of the total. The business’ gross profit margin was 15.1 percent, with the figure for overseas markets exceeding that for China.

Shares of Sany Renewable [SHA: 688349] closed 5.6 percent down at CNY30.19 (USD4.24) in Shanghai today. They have soared over 32 percent since Sept. 25, the day after China introduced its largest stimulus package since Covid-19.

SOURCE:  Yicai