Why Suzlon shares jumped on ArcelorMittal deal

Suzlon Energy shares gained about 4% after the company landed a first time wind power deal with ArcelorMittal.

ArcelorMittal is one of the world’s largest steel companies, making steel used in buildings, cars, appliances, and infrastructure worldwide.

Here’s the scoop: Suzlon will set up enough wind turbines to generate 248.8 MW of electricity in Bachau, Gujarat, and that power will be used directly by ArcelorMittal Nippon Steel’s plants in India. 

Suzlon is supplying 79 large wind turbines, and each one can produce 3.15 MW. This is Suzlon’s fourth big deal linked to helping steel makers cut pollution. 

With this project, Suzlon’s wind turbines will now help power enough cleaner energy for green steel projects in India totalling about 1,156 MW.