Suzlon Energy has been told to raise INR5,000 crore (USD921.72m) or sell its prized subsidiary REpower by creditors who are making the demands before they will agree to lower interest rates.
The once-wonder company of India, wind turbine maker Suzlon, has proposed a restructuring of its USD2 billion bond debt. Bogged down with debt from a shopping spree of foreign companies, a weak rupee and slashed revenue margins, the company has asked for eye-watering terms.
April 30, 2012
Suzlon Energy is aiming to raise as much as USD500 million, mostly through a bond sale, to meet debt payments in June.
Derrick Noe has become the second senior executive to leave Suzlon Energy Ltd. India’s biggest wind turbine maker, after resigning his position as chief financial officer (CFO) of the company’s German unit, Repower SE.  Suzlon Group’s CFO Robin Banerjee quit last month to be replaced by Kirti Vagadia, the head of corporate finance.
Suzlon has sold off a block of Indian wind assets for USD40 million as it looks to reorganize its capital structure. The majority of the wind farms are located across the state of Tamil Nadu and the sale is expected to close in mid-May.
Amid growing rumors that France-based power giant, Alstom is about to acquire Repower from India’s Suzlon Group for EUR1.5 billion, Suzlon has  landed a contract to supply its subsidiary with wind turbines totaling 20 MW for two wind farms in the UK.
India’s largest wind-turbine maker, Suzlon Energy, has secured a loan of EUR750 million (USD999 million) for its REpower unit, easing investor concerns that it would not be able to pay back bondholders, according to a Bloomberg report.
The Australian divisions of wind power companies REpower and Suzlon have officially commenced joint operations.
Indian wind company Suzlon will complete its purchase of German turbine manufacturer REpower through the acquisition of the remaining five per cent stake it did not previously own. According to the Wall Street Journal, Suzlon has agreed to pay €63m (USD90.5 million) for the remaining minority stake. This follows a number of equity buy-outs by Suzlon, most recently in April when it raised its stake to 95.16 per cent.
Sinovel SL6000
June 03, 2011
Chinese turbine maker Sinovel Wind Group has completed prototype production of a new 6MW model that it proudly claims matches world's most powerful class of turbine. Unfortunately for Sinovel's overeager publicists, German market leader Enercon has had a 7.5MW turbine up and running since January.