On June 19, 2024, the Union Cabinet, chaired by Prime Minister Shri Narendra Modi, approved the Viability Gap Funding (VGF) scheme to promote offshore wind energy projects, with a total budget of Rs. 7,453 crore allocated for its implementation. 

This includes Rs.6,853 crore allocated for installing and commissioning 1 GW of offshore wind energy capacity (500 MW each off the coasts of Gujarat and Tamil Nadu). Additionally, Rs.600 crore will be granted to upgrade two ports to meet logistics needs for these projects. 

According to the Ministry of New and Renewable Energy, the VGF support will lower the cost of offshore wind power, making it financially viable for purchase by DISCOMs (Distribution Companies). Private developers will establish these projects through a transparent bidding process in the near future. 

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Moreover, this initiative not only initiates India’s offshore wind energy development but also supports the creation of a supportive ecosystem within the country to bolster its ocean-based economic activities. 

This ecosystem aims to facilitate the initial development of 37 GW of offshore wind energy, requiring an investment of approximately Rs.4,50,000 crore. 

Here are the stocks that specialize extensively in wind energy projects and have a robust market presence. 

Power Grid Corporation of India Ltd 

Power Grid Corporation of India Limited (PGCIL) is a leading state-owned electric utility company specializing in power transmission. The company has expertise in high-voltage transmission systems, including both AC and DC technologies. 

According to the Ministry of New and Renewable Energy, Power Grid Corporation of India Ltd (PGCIL) will oversee the construction of essential infrastructure for the offshore wind energy project, including offshore substations. 

In May 2024, the company was awarded a contract by Odisha Power Transmission Corporation Limited (OPTCL) to establish a State Transmission Asset Management Centre (STAMC) in Odisha. This initiative aims to optimize grid operations through real-time monitoring and control.

Power Grid Corporation of India Ltd shares have gained 40% over the last six months and 69% over the last 12 months. 

On Friday, Power Grid Corporation shares closed at Rs 325.80 per share, representing a 0.37% increase from the previous closing price. The company’s market value now stands at Rs 3,03,013 crore. 

Suzlon Energy Ltd 

Suzlon Energy Ltd., an end-to-end wind power solutions supplier in India, manufactures wind turbine generators, power generation equipment, and related equipment., Suzlon is a market leader with 111+ wind farms and an installed capacity of over 14,490 MW. 

The company is a leading provider of renewable energy solutions, specializing in the manufacturing, project execution, operation, and maintenance of wind turbine generators, along with the sale of associated components. 

Its product lineup features includes advanced models such as the S144, S133, and S120 Wind Turbine Generators, as well as the Classic Fleet. Notably, the company has phased out older WTG models including the S111, S97, S88, S82, S66, and S52. 

Suzlon Energy Ltd., is a prominent manufacturer of wind turbine generators, with a market share of 27% in FY 2024. Over the past two decades, Suzlon has installed over ~20.5 GW of wind energy across 17 countries spanning six continents. 

Recently, Suzlon secured its first order for FY 2025, totaling 402 MW, from Juniper Green Energy. Suzlon Energy Ltd shares have gained 41% over the last six months and 274% over the last 12 months. 

On Friday, Suzlon’s shares closed at Rs 53.04 per share, representing a 5% increase from the previous closing price. The company’s market value now stands at Rs 72,154 crore. 

Inox Wind Ltd 

Inox Wind Ltd is a leading manufacturer of Wind Turbine Generators (WTGs) and provides wind energy solutions to Independent Power Producers (IPPs).

Inox Wind Ltd specializes in manufacturing and distributing components essential for wind turbine generators, including nacelles, hubs, rotor blade sets, and tubular towers. 

Beyond manufacturing, the company provides comprehensive services such as wind resource assessment, site acquisition, infrastructure development, and operations and maintenance (O&M) for wind power projects. 

Among its notable products are the Inox DF 93, Inox DF 100, and Inox DF 113. As one of India’s leading wind Original Equipment Manufacturers (OEMs), Inox Wind Ltd distinguishes itself by offering plug & play turnkey solutions along with post-commissioning O&M services. 

The company’s product portfolio features Wind turbine generators of 2MW, 3MW (currently in production), and 4MW capacities. 

In the fiscal year 2024, Inox Wind Ltd executed several projects, including a notable 3MW WTG and a total of 376MW, with 129MW completed in Q4FY24 alone. A significant achievement was securing a landmark contract with CESC for 1,500MW, marking the largest contract awarded to an Indian Wind OEM to date, announced in February 2024. 

In April 2024, Inox Wind Ltd received a repeat order for 210MW from Hero Future Energies. The company’s robust performance is reflected in its substantial unexecuted order book, standing at 2,656MW as of Q4FY24. 

In financial markets, Inox Wind Ltd has shown strong stock performance, with a 24% increase over the last six months and an impressive 255% gain over the past year. 

On Friday, Inox Wind Ltd shares closed at Rs 141.20 per share, representing a 0.07% increase from the previous closing price. The company’s market value now stands at Rs 18,383 crore. 

Based on our analysis, these companies are key players in wind energy projects, selected for their expertise and robust order books. As the Indian government continues to issue tenders, other listed companies in the wind power sector may also benefit from healthy competition for future projects. 

Written by Omkar Chitnis 


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