>Suzlon Energy Ltd. (MERRILL LYNCH)

SUZLON ENERGY Ltd. - BUY

New orders start to trickle-in.....

* Suzlon wins 113MW order - 6% of Int. book from AGL; Buy AGL Energy placed a third repeat order on Suzlon for 113MW order (6% of international order book) after successfully monetizing the 2nd wind farm. For Suzlon, this is the first material global order after a lull of almost a year, as clients appreciate performance of its new V3 turbines. We now look for orders from China, USA and India. Inexpensive valuations drive our Buy; we see major new orders wins and resolution of payment to Martifer in May'09 as catalysts.

* AGL places 3rd repeat order on Suzlon for delivery in CY09 - Suzlon won a 113MW order (6% of international order book) from the Australian utility, AGL Energy for the supply of 54 wind turbines of 2.1MW in 2009, after a lull of almost a year as clients appreciate performance of its new V3 turbines. To be delivered in CY09, this order will account for 5% of our FY10E international volumes ex-REpower. This is the third repeat order as AGL successfully monetized the wind farm made of Suzlon turbines (71 MW Hallett 2) for a development profit of $59mn (as per AGL Managing Director, Mr. Michael Fraser) through its sale to Energy Infrastructure Trust (EIT).

To see full report: Suzlon Energy