Shares of Suzlon Energy jumped 4 percent in intraday trade on Tuesday after the renewable energy solutions provider bagged a new order from the KP Group for the development of a 47.6 megawatt (MW) wind power project in Gujarat.

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The project, which would be installed at Vagra in the Bharuch district of Gujarat, is expected to be commissioned in 2024, Suzlon said in a disclosure to the stock exchanges.

As a part of the project, Suzlon will supply S133 wind turbines and supervise the execution and commissioning of the project. In addition, it will also provide comprehensive operations and maintenance services post‐commissioning.

JP Chalasani, Chief Executive Officer, Suzlon Group said that this is a repeat order from the KP Group.

The power generated from the project will serve the commercial and industrial consumer segments, which is key to drive deeper penetration of renewables in India, according to Chalasani.

The company said that a project of this size can provide electricity to 36,000 households and curb 1.42 lakh tonnes of CO2 emissions per year.

Headquartered in Pune, Suzlon Group is among the leading renewable energy solutions providers with more than 20 GW of wind energy capacity installed across 17 countries.

Gujarat-based KP Group has a combined turnover of over Rs 1,100 crore with 1GW commissioned in renewable projects. Major Group firms include KPI Green Energy Ltd, KP Energy Ltd, KP Buildcon Pvt Ltd, and KP Human Development Foundation.

Last week, Suzlon announced that its board approved a proposal to raise up to Rs 2,000 crore. The firm will explore various routes for mobilising the amount.

Shares of Suzlon Energy are trading 4.9 percent higher at Rs 18.2. The stock has gained in three out of the last four trading sessions.