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Suzlon Energy to foray into solar power

business Updated: Nov 17, 2008 13:24 IST

Wind power equipment maker Suzlon Energy on Monday said it is foraying into solar energy.

"We are exploring the solar energy sector as India has enormous opportunity in solar and wind power," Suzlon Energy Chairman and Managing Director Tulsi R Tanti told reporters on the sidelines of the India Economic Summit.

The company has established sites for developing solar power plants.

"We have identified sites in Gujarat and Rajasthan," he said, adding that roughly 10 acres of land is required for one MW solar power generation.

He, however, declined to give other financial details. The current orderbook of Suzlon Energy stands at Rs 10,000 crore for projects worth 2,500 MW.

Amid the global economic slowdown, the company may defer its recruitment plans till the end of the current fiscal. The company's net profit declined by 95.22 per cent to Rs 16.98 crore for the second quarter ended September 30, over the corresponding period a year ago.

The company had a net profit of Rs 355.56 crore in the second quarter last fiscal.

Total income rose to Rs 2,234.47 crore for the quarter under review, from Rs 1,594.57 crore for the same quarter last year.

Suzlon Energy has dropped plans to invest in new tower manufacturing facility and, accordingly, the total capex plan would stand reduced by Rs 669 crore.