Siemens Gamesa receives an order for 84 wind turbines for a project in India, the third for the 3.X platform adapted for this market

SiemensGamesaFitch differs from S&P on Siemens Gamesa rating

Renta 4 | Siemens Gamesa has signed an order for 302MW with the promoter Ayana Renewable Power Six Private to supply 84 wind turbines of the SG 3.6-145 model for a project in India. This project is located in Gadag, in the state of Karnataka, in the south east of the country. It is the third one for the new Siemens Gamesa 3.X platform, specifically adapted for the Indian market. The project is expected to be operational for 2023.

Valuation: News with a positive bias in as far it strengthens the commercial activity of the company and its positioning in an important market (we recall that Siemens Games has installed over 7 GW in India since 2009). That said, the contract accounts for approximately 0.6% of the the firm’s current portfolio. Whatsmore, the company has not communicated that the agreement includes a maintenance contract. We reiterate our Underweight stance, with a Target Price of 17,52 euros/share.