STOCKHOLM: Exel Composites and Suzlon Energy Limited have expanded their partnership with a new multi-year supply agreement for pultruded carbon fiber planks used in wind turbine blade spar caps, the companies announced. At the time of signing, the parties estimated the potential value of future deliveries under the agreement will exceed 100 million euros through March 2029.

Under the agreement, Exel Composites’ India-based joint venture, Kineco Exel Composites India, will supply an agreed share of Suzlon’s requirements for the products covered by the agreement. The final value and timing of deliveries may vary depending on Suzlon’s actual production requirements and the resulting order volumes.

The agreement builds on a collaboration that began in 2024 and supports the continued ramp-up of Exel’s manufacturing operations in India. The two companies began working together under a two-year supply agreement, which led to an approximately 10 million euro purchase order announced by Exel in February 2025. At that time, the parties had agreed not to disclose Suzlon’s name.

The new agreement covers deliveries through March 2029, providing a longer-term framework for the companies to plan sourcing and production.

“We are pleased to further strengthen our cooperation with Kineco Exel through this multi-year agreement,” said Amit Agrawal, senior vice president of global procurement at Suzlon Energy Limited. “Reliable supply, consistent product quality and local manufacturing capability are important in supporting our wind turbine blade programs and sourcing requirements.”

All products supplied under the agreement will be manufactured at Kineco Exel’s factory in India. The factory has been designed to serve the wind power industry in India and globally, and the agreement supports its continued ramp-up and utilization.

“We are delighted to secure this multi-year agreement and thank Suzlon for their continued support,” said Shekhar Sardessai, chairman of Kineco and managing director of Kineco Exel. “This is a strong endorsement of our quality, ability to deliver at scale and the confidence our customers place in Kineco Exel. With India’s wind energy sector poised for significant growth, we are well positioned to support this opportunity through our expertise in pultrusion and advanced carbon fibre composite manufacturing.”

Paul Sohlberg, president and CEO of Exel Composites, said reaching the milestone is an important step in strengthening cooperation with Suzlon.

“The agreement demonstrates the value of having competitive manufacturing capacity close to one of the key markets for wind power and provides both parties with improved visibility and greater certainty regarding production capacity in India, and supports the continued ramp-up of the factory,” Sohlberg said.

Spar caps are essential structural components within wind turbine blades. Carbon fiber planks provide the strength, stiffness and load-bearing capacity needed to withstand the dynamic forces encountered during operation. As wind turbines continue to increase in size, carbon fiber composites play an important role in meeting the demanding mechanical requirements of modern wind turbine blades.

Exel Composites, headquartered in Finland, is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. The company employs more than 600 people worldwide and is listed on Nasdaq Helsinki. Its products are used in industries including wind power, transportation, and building and infrastructure.