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					</table><p>The European Investment Bank (<a href="https://www.eib.org/en/index" target="_blank" rel="noopener">EIB</a>) has approved a €5 billion (~$5.5 billion) initiative to support the wind energy equipment manufacturing companies in Europe  to boost home-grown industrial innovation.</p>
<p>The amount under the initiative will specifically help strengthen the commercial bank guarantees for companies investing across the wind sector. It is expected to help raise nearly €80 billion ($87 billion) of new wind energy investments and add up to 32 GW of new wind energy capacity in the region.</p>
<p>The program will support investments by companies manufacturing wind energy and grid-connection related equipment and key components.</p>
<p>Easing access to finance for the wind sector in the region is also a crucial element of the European Wind Power Action Plan, announced by the European Commission in October.</p>
<p>To improve financial access for new wind energy investment, EIB had also previously committed to an additional €45 billion ($49 billion) in financial support under the REPowerEU plan, which is expected to accelerate the decarbonization of the European economy and support state-of-the-art manufacturing in strategic net-zero technologies.</p>
<p>The coordinated support by the EIB and European Commission for the wind energy sector aligns with the European Green Deal <a href="https://www.mercomindia.com/eu-green-deal-industrial-plan-silent" target="_blank" rel="noopener">announced</a> earlier this year.</p>
<p>“(The) Board decisions highlight the EU bank’s commitment to deploying the full range of its resources in support of the clean energy revolution. Climate depends on it, and so do Europe’s competitiveness, innovation, and energy security. There is no trade-off between these goals. On the contrary, we cannot achieve any one of them without pursuing them all”, said Werner Hoyer, President of the EIB.</p>
<p>The Board also approved new energy financing for large-scale offshore wind generation in the North Sea and said it would support two large-scale solar power projects and the development of small-scale renewable energy projects in Spain.</p>
<p>EIB has also backed the first commercial solar power plant in Kosovo, a new solar power program in Brazil, and the first cross-border electricity interconnection between Tunisia and Italy. This is essential to increase the exchange of renewable energy across the Mediterranean, as well as to support the renovation and expansion of district heating in France.</p>
<p>The bank also approved financing for electric vehicle charging infrastructure across Italy and electric vehicle leasing in Romania.</p>
<p>In July this year, the EIB Group <a href="https://www.mercomindia.com/eib-50-billion-clean-energy-manufacturing-eu" target="_blank" rel="noopener">raised</a> the funding volume for clean energy projects developed under the EU’s REPower EU plan and Green Deal Industrial Plan by 50% of €45 billion (~$50.28 billion).</p>
<p>In February 2023, the bank also <a href="https://www.mercomindia.com/eib-provide-1-1-billion-green-hydrogen-hubs-india" target="_blank" rel="noopener">provided</a> $1.1 billion to develop large-scale green hydrogen hubs and projects in India.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

EIB Commits $5.5 Billion for European Wind Equipment Manufacturers


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					</table><p>Indian wind turbine manufacturer <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon Energy</a> posted a net profit of ₹780 million (~$9.4 million) during the third quarter (Q3) of the financial year (FY) 2023, an increase of 110% year-on-year (YoY).</p>
<p>The quarterly profit, which is the highest in more than five years, was buoyed by a 56% reduction in finance cost to ₹800 million (~$9.6 million) in the third quarter.</p>
<p>“Our balance sheet is stronger as a result of significant debt reduction post the <a href="https://mercomindia.com/wind-turbine-suzlons-%e2%82%b92-4-billion-issue-oversubscribed/" target="_blank" rel="noopener">rights issue</a>. It will be further strengthened with the receipt of ₹6 billion (~$72.4 million) of balance call money on the rights, which is still pending for us to be called,” Suzlon’s CFO Himanshu Mody said.</p>
<p>The company’s net revenue came in at ₹14.49 billion (~$175 million) for the quarter, a 9.3% YoY decline.</p>
<p>Suzlon’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the period totaled ₹2.1 billion (~$25.6 million), down by 13.1% YoY.</p>
<p>Suzlon commissioned the first machine of their largest wind turbine series, the S144-3.x MW at Sankaneri, Tamil Nadu, in December 2022, and the early performance reports are very encouraging, the company said.</p>
<p>“We need installation of more than 10 GW per year. There was a crucial announcement last quarter by the government of India inviting bids for 8 GW annually from 2023 to 2030. This is, of course, will be in addition to the private sector initiatives in the commercial and industrial sectors that we are seeing a good tailwind with,” Ashwani Kumar, the Group Chief Executive for Suzlon, said.</p>
<p><strong>9M FY 2023</strong></p>
<p>The company’s net profit in the first nine months (9M) of FY 2022-23 stood at ₹25.67 billion (~$310 million), compared to ₹270 million (~$3.2 million) during the same period last year.</p>
<p>Suzlon’s revenue grew by 4.3% YoY to ₹42.57 billion (~$514.2 million) and delivered 482 MW during 9M, compared to ₹40.78 billion (~$492.6 million) with a delivery of 471 MW YoY.</p>
<p>EBITDA for the period totaled ₹6.05 billion (~$73 million), a sink of 4.87% YoY.</p>
<p>The company said the priority going forward is pursuing quality orders with higher value and better margins. Their service business continues to do well, and the focus remains on executing their order book.</p>
<p>As of December 31, 2022, the company has 19.7 GW of installed wind energy capacity, with a roughly 33% cumulative market share in India and an overall presence across 17 countries across the globe.</p>
<p>The company said it is well-positioned to capture the market opportunity from the energy transition.</p>
<p>Indian wind turbine manufacturer Suzlon Energy <a href="https://mercomindia.com/wind-turbine-suzlons-profit-to-%e2%82%b9564-million-in-q2-fy23/" target="_blank" rel="noopener">posted</a> a net profit of ₹564.7 million (~$6.95 million) during the second quarter (Q2) of the financial year (FY) 2023, an increase of 555% compared to a loss of ₹124 million (~$1.53 million) in the same period last year.</p>
<p>In October 2022, Suzlon<a href="https://mercomindia.com/wind-turbine-suzlons-%e2%82%b92-4-billion-issue-oversubscribed/" target="_blank" rel="noopener"> announced</a> raising ₹12 billion (~$145.80 million) through a rights issue of 2.4 billion partly paid-up equity shares. The issue was oversubscribed 1.8 times.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Suzlon’s Q3 Profit Doubles to ₹780 Million on Lower Finance Cost

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