Suzlon
Energy Ltd. ceded its position as India’s top wind-turbine supplier in the year
ended March 31 for the first time in at least a decade, according to figures
from an industry group.
Wind
World (India) Ltd., formerly known as Enercon (India) Ltd., took the top spot
after installing 454 megawatts of turbine capacity last fiscal year, according
to data from the Indian Wind Turbine Manufacturers’ Association. Suzlon trailed
with 415 megawatts of installations, while ReGen Powertech Pvt. was third with
273 megawatts.
“The
rankings offered a number of surprises as new market entrants pushed aside
incumbents,” said Shantanu Jaiswal, a New Delhi-based wind analyst for
Bloomberg New Energy Finance.
General
Electric Co.’s installations surged more than sixfold to 122 megawatts, the
biggest jump among the companies surveyed, according to the IWTMA data. The
company’s gain in orders may indicate a shift in customer preferences as GE
sells turbines alone in contrast to competitors who include land acquisition
and permitting as part of supply deals.
GE
won orders from developers such as Greenko Group Plc that are separating
project development from turbine orders to improve returns.
Suzlon,
which committed India’s biggest convertible bond default in October, reported
difficulties in carrying out orders due to a lack of working capital in the
past three quarters. The company completed a 95 billion-rupee ($1.8 billion)
debt reorganization plan last month that will allow it to execute $7 billion of
orders, Group Chief Financial Officer Kirti Vagadia said in an April 23
statement.
‘Regaining
Leadership’
The
company’s performance last year was hampered by its debt problems and by the
suspension of two government incentives, Suzlon said in an e-mailed response to
questions today.
“We
are confident of regaining market leadership in our home market - that we
helped unlock and shape from the start,” the company said. Suzlon shares rose
as much as 1.5 percent to 14.57 rupees in Mumbai today and traded at 14.48
rupees as of 11:16 a.m. local time.
Vestas
Wind Systems A/S, which tied with GE as the world’s biggest turbine maker,
posted an 87 percent drop in installations to 34 megawatts, IWTMA figures
showed. The Danish manufacturer, one of the first to enter the Indian market
more than 25 years ago, focused on bigger, more profitable markets elsewhere,
Jaiswal said.
In
total, India wind installations dropped 47 percent on year to 1.7 gigawatts of
wind capacity after the expiry of government incentives, according to IWTMA
figures.
Globally,
a record 48.4 gigawatts of new wind capacity was added in 2012, according to
BNEF. A tax incentive drove a record 13.6 gigawatts of installations in the
U.S., where GE commissioned 96 percent of its turbines and Vestas sold 40
percent. The U.S. was Vestas’ biggest market.
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