L&T locks in ₹15,000+ cr offshore wind framework with TenneT
The ultra-mega order is L&T's first in offshore wind. Consortium with Hitachi Energy covers six projects in Netherlands and Germany, totalling 8 GW of HVDC capacity.
— 5 earlier stories on Larsen & Toubro Ltd. →What's new
- L&T signed a Framework Cooperation Agreement with TenneT for a 2 GW offshore wind programme.
- The order, valued over ₹15,000 crore, is classified as ultra-mega.
- Consortium with Hitachi Energy covers six projects (new + ongoing) across Netherlands and Germany, cumulating 8 GW transmission capacity.
- Follows other large international orders this month, including ₹10,000–15,000 cr metals & minerals package.
Why this matters
This win cements L&T's entry into the European offshore wind market at scale. It adds meaningful revenue visibility to a record order book of ₹7.4 trillion and aligns with management's pivot toward new energy. The order value alone is roughly 18% of L&T's latest quarterly revenue, though execution will span several years.
What we're watching
- Execution timeline and margin profile for these complex offshore converter platforms.
- Potential follow-on orders from TenneT or other European TSOs.
- Impact on L&T's order book growth and segment mix, especially renewables.
The full read
Larsen & Toubro bagged its first ultra-mega offshore wind order: a Framework Cooperation Agreement with Dutch-German TSO TenneT valued at over ₹15,000 crore. The consortium, with Hitachi Energy, covers six projects across the Netherlands and Germany, totaling 8 GW of HVDC transmission capacity. This is a big deal. It follows a ₹10,000–15,000 crore metals & minerals package from just last week and a housing order before that. L&T's order book already stood at a record ₹7.4 trillion at FY26 close; this framework will extend it further. For perspective, the order value is roughly 18% of L&T's latest quarterly revenue of ₹82,762 crore, though execution will be spread over years. More than the size, the strategic shift matters: L&T is now a credible player in European offshore wind, an arena where Indian EPC firms rarely venture. The stock trades at a P/E of 36.1 with ROE of 14.7%, a premium that reflects backlog growth expectations. The test: delivering complex offshore converter platforms on time and on budget. L&T's modular fabrication capability will be put to work. If it succeeds, this could open more doors in Europe's renewable build-out.
Questions answered
- How does this order compare with L&T's recent large wins?
- This is L&T's largest-ever offshore wind contract. In the past month, it also won a ₹5,000–10,000 cr housing project and a ₹10,000–15,000 cr metals & minerals order, but this is the first ultra-mega in offshore wind.
- What is the role of Hitachi Energy in the consortium?
- The consortium with Hitachi Energy will deliver the offshore converter platforms and associated HVDC infrastructure for the six projects. Specific responsibility split is not disclosed.
- How does this affect L&T's order book?
- The order book stood at a record ₹7.4 trillion at FY26 close. This ₹15,000+ cr framework will further extend the backlog, providing multi-year revenue visibility.
- What are the key execution challenges?
- Offshore converter platforms are complex engineering and construction projects. L&T's modular fabrication capabilities are expected to be leveraged, but timely delivery and cost management will be critical.
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All notes on LT →- 28 Jul 2026 · 9:16 AM IST L&T locks in ₹15,000+ cr offshore wind framework with TenneT
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