Wind turbine manufacturer Suzlon Energy has announced the acquisition of a 76% stake in Renom Energy Services, a multi-brand renewable energy operations and maintenance service company.

The acquisition will be completed in two tranches, with Suzlon initially acquiring a 51% stake for ₹4 billion (~$47.6 million), followed by an additional 25% stake within 18 months for ₹2.6 billion (~$30.9 million).

Renom, founded by the Sanjay Ghodawat Group in 2015, manages a portfolio of renewable energy assets, including 1,782 MW in wind, 148 MW in solar, and 572 MW in balance of plant services.

The company has demonstrated  a 30% compound annual growth rate in fleet size since 2020.

The strategic acquisition positions Suzlon to capitalize on the growing market for non-Suzlon wind turbine services, which currently stand at over 32 GW in India.

The company said this acquisition aligns with Suzlon’s vision of expanding its footprint in the renewable energy sector and enhancing its service capabilities across various wind turbine brands.

Girish Tanti, Vice Chairman of Suzlon Group, emphasized the strategic fit of the acquisition, stating, “With India’s target to achieve 500 GW of renewable energy installations by 2030, we shall see a multitude of different technologies and wind turbines of various makes in the market going ahead. Renom has emerged as a single largest player in this domain with great strength and potential to tap further into this market segment.”

Suzlon has approximately 20.8 GW of wind energy capacity installed across 17 countries. It manages over 14.8 GW of wind energy assets.

Suzlon recorded a net revenue of ₹20.16 billion (~$241.02 million) during the first quarter of the financial year 2025, a year-over-year increase of 50% as compared to ₹13.48 billion (~$161.16 million).

Last October, Suzlon announced raising ₹12 billion (~$146.4 million) through a rights issue of 2.4 billion partly paid-up equity shares.