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Suzlon Energy–Affinity Wind - Suzlon close the joint venture agreement, reiterate BUY
CMP: INR52
Target Price: INR66
Potential Upside: 25%
Reco: BUY
Affinity forms development partnership for 150MW Illinois Project
Affinity Wind, a St. Louis-based wind development company, has formally closed its
joint venture agreement with Chicago-based Suzlon Wind Energy Corp., a subsidiary
of Suzlon Energy Ltd.
Through the joint-venture entity, which is called Surity Wind LLC, both the companies will
jointly develop a 150MW project located in Illinois, as well as similar future jointdevelopment
projects.
Suzlon will be responsible for turbine supply to this first project and potential future projects.
Commercial operation of this project is expected to commence 2011 onwards.
About Affinity Wind, LLC
Affinity Wind, LLC was formed in 2008 and is an independent wind energy company,
focused exclusively on the development of utility-scale wind energy projects.
The company is currently developing 150MW in Illinois.
Affinity expects the Illinois project to be the first of several similar wind energy projects
that it will develop over the coming years throughout the Midwest.
Valuation and outlook
More recently, the company had signed an MoU with Gujarat for 1,000MW. While
the domestic market has shown significant improvement in the last one year, this agreement
with Affinity will help garner international orders.
We reiterate BUY on the stock with target of INR66.
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