American Superconductor (AMSC) has received an initial $20 million order from Ghodawat Energy of India for wind turbine electrical control systems. Ghodawat is a significant player in the India wind energy market, operating over 150 turbines that generate over 100MW of electricity across four states. The company has a capacity of 400 turbines per year and has begun manufacturing 1.65MW doubly fed wind turbines designed using AMSC’s proprietary technology. AMSC will begin shipping the electrical components for this order in a few months and complete all shipment by the end of the 2013.
The market for wind energy in India is significant we should begin seeing more announcements for deals across the wind and solar markets in the coming years. It’s been all about the US, China and many of the European nations up to this point, but as research firm MAKE Consulting points out, India is 5th in the world in installed wind power and they expect capacity to double by the end of 2015. This creates for a great opportunity for AMSC.
CEO Greg Yurek commented: “In India, wind power is projected to continue to account for an increasing percentage of the country’s energy mix. Ghodawat is capitalizing on this opportunity by producing towers, developing wind farms and — now — manufacturing and deploying entire wind turbine systems. With its years of industry experience and proven wind turbine technology from AMSC, we believe Ghodawat is positioned to be a winner in the market.”
Shares of AMSC are up a bit over 1% today and continue to stabilize after a big sell off to begin the year.