Suzlon recently announced a major strategic repositioning under its Suzlon 2.0 vision. Alongside a comprehensive brand refresh, the vision includes its plans to evolve from a wind turbine manufacturer into a wind-led, integrated renewable energy solutions provider, with offerings spanning wind, solar, battery energy storage systems (BESSs) and energy management services. At a recent media interaction organised by Suzlon in Mumbai to unveil its new identity and long-term road map, the Renewable Watch team spoke with Ajay Kapur, Group Chief Executive Officer (CEO), Suzlon Group, about the rationale behind the Suzlon 2.0 strategy and the targets set by the company. Kapur also discussed the key factors driving wind capacity additions, ongoing challenges in the sector, the company’s manufacturing expansion plans and his key priorities as group CEO. Excerpts…
India’s wind capacity additions crossed 6 GW in FY 2025 after a prolonged slowdown. What have been the key drivers for this revival?
The past two to three years have clearly shown that wind installations are picking up again, and we believe this trend will continue. We expect annual additions to move towards 8 GW, then 10 GW, and potentially 13-15 GW by FY 2030-FY 2031.
The biggest driver is the growing need to balance solar-heavy grids. India is seeing midday solar surpluses and curtailment, while demand peaks in the morning and evening. Wind power complements solar power very well while improving overall project economics and the levellised cost of energy.
There is strong demand from independent power producers, utilities, corporate buyers and global pension funds for integrated firm and despatchable renewable energy (FDRE) portfolios rather than standalone renewable assets. Energy security concerns arising from global geopolitical disruptions have further strengthened the shift towards renewable energy.
What are the key challenges in the wind power sector?
Execution delays in land acquisition and permitting remain a bottleneck for the wind sector. Suzlon is trying to address this through a more proactive development approach, where we invest early in land and permitting and then partner with customers to accelerate project timelines. Curtailment is still a major issue. Developers invest capital but are not always able to evacuate power because of grid constraints. Faster approvals and better coordination across agencies are also important.
Another challenge is integrating solar, wind and battery storage into a resilient grid. Batteries are often designed for cooler climates, whereas Indian operating conditions can exceed 50 °C. That affects cell life and performance. Companies with deep engineering experience need to help solve these localisation and system integration challenges.
During the slowdown years, wind manufacturing capacity was underutilised and some companies focused on exports. What is the situation now?
Business models vary across companies. Some manufacturers are focused on making in India, primarily for export markets. Suzlon’s approach is different – we are producing in India for India, while also preparing for selective exports over time.
We currently have about 4.5 GW of annual manufacturing capacity and have announced around Rs 6 billion of capex over this year and potentially next year as well. The objective is to support a much larger order pipeline, strengthen supplier ecosystems and prepare for higher sales volumes over the next few years.
What are the company’s manufacturing expansion plans?
We are adding three to four new plants that are already under way. These will be more technology-enabled facilities designed to augment our current product portfolio and ensure adequate in-house capacity. We are also investing around Rs 5 billion in our development-focused model. Roughly Rs 3 billion is direct cash deployment that will appear in inventories, while about Rs 2 billion is tied to permitting-related bank guarantees and non-fund-based limits.
What are the major technology trends shaping Suzlon’s road map?
For Europe, we recently unveiled the S17 platform, including 5 MW and 6 MW class turbines under our BlueSky platform. Those are expected to enter the European market around FY 2028. In India, our flagship turbine is the S144 – 3 MW series, which has already crossed about 9 GW of cumulative orders. It has been selected by customers such as NTPC Green Energy, Torrent Power, Tata Power Renewable Energy. We consider it one of our greenest turbines because of its tower design, material efficiency and lower overall emissions footprint.
What are your immediate priorities as group CEO of the Suzlon Group?
Execution is the first priority. We need to deliver consistently on the commitments we have announced. That requires strong leadership, disciplined project management and a resilient supply chain. Cash discipline is equally important. We want capital deployment to remain efficient, with tight control over working capital and inventories.
Strategically, we are focused on winning long-term FDRE partnerships with large customers, including utilities, commercial and industrial buyers, oil and gas companies and institutional investors. The idea is simple: if we help customers meet their renewable and net zero targets, our own growth will follow naturally.
Finally, we must maintain a balance between aggressive growth and flawless execution. One cannot come at the expense of the other.
Which customer segments are showing the strongest demand today?
The demand for renewable energy is coming from all types of customers. Commercial and industrial customers are very active, utilities continue to procure capacity, and PSUs have set ambitious renewable targets. We are also seeing interest from international pension-backed platforms and large industrial groups that are building dedicated renewable energy arms to meet their net zero commitments.
What is the strategy behind Suzlon 2.0?
Suzlon is transitioning from a pure-play wind turbine manufacturer to a wind-led, integrated renewable energy solutions company offering integrated solutions across wind, solar, BESS and energy management services under a single delivery model. Under its Suzlon 2.0 strategy, the company has introduced a new business architecture comprising four pillars: wind-first full-stack renewable energy technology solutions, renewable energy DevCo, renewable energy projects and renewable energy asset management. Together, these businesses form a comprehensive platform that enables the delivery of renewable energy projects at scale, with greater speed, execution certainty and long-term performance.
While wind will remain the cornerstone of Suzlon’s business, the company plans to adopt an asset-light strategy in the solar segment by leveraging ecosystem partnerships. The integrated model is designed to address the challenges associated with fragmented renewable energy procurement and project execution by providing customers with a single accountable partner.
Wind will continue to serve as Suzlon’s primary growth engine. The company aims to maintain a market share of approximately 40 per cent in India while securing 3 GW of export order intake by FY 2031. Growth in this segment will be driven by the company’s BlueSky product platform, which includes next-generation high-capacity turbines such as the S175 (5 MW) and S163 (6.3 MW). These products will complement Suzlon’s broader turbine portfolio with capacities ranging from 2 MW to over 6 MW.
Suzlon is also entering the BESS segment to improve the reliability, despatchability and grid integration of renewable energy. The company plans to establish a BESS manufacturing facility by 2027, focused on developing intelligent storage solutions tailored to Indian operating and grid conditions. The storage business will help address the intermittency challenges associated with renewable energy while supporting grid stability and reliability as renewable energy penetration increases.
What are the targets under the Suzlon 2.0 strategy?
By FY 2031, Suzlon plans to quadruple its annual renewable energy sales to 10 GW, expand its order book to 15 GW and increase its assets under management fourfold to 70 GW, thereby creating a strong annuity-driven business.
The company is targeting a market share of around 40 per cent in India’s wind sector and aims to secure 3 GW of export order intake by FY 2031. A key element of the strategy is the expansion of Suzlon’s renewable energy development business, with approximately 60 per cent of future volumes expected to come from its RE DevCo platform, resulting in a higher-value business mix.
