Frantically trying to stave off its mounting debt problems, once powerful Indian wind company Suzlon has sold off 75 percent of a farm in Tianjin, China for USD28 million to its local partner Poly LongMa Energy.
French multinational pharmaceutical company Sanofi has signed a contract with Suzlon Energy, India's largest wind turbine manufacturer, to build generating capacity to support local production.
India once dominant wind giant Suzlon Energy has been booted from its top spot and replaced by another local turbine supplier, Wind World (India) Ltd, formerly known as Enercon (India) Ltd.
Indian wind turbine maker Suzlon on Tuesday said it has implemented a USD 1.8 billion debt restructuring package in an effort to put the company back on a sound business footing.
Suzlon Energy has won an order to install 49 wind turbines in the north western state of Rajasthan over the next two years from the state-owned Oil & Natural Gas Corp (ONGC), India’s biggest energy producer.
Indian wind turbine giant Suzlon Group and Orange Renewable Power, an independent power producer, have agreed to jointly develop a 50.4-MW wind energy project in the Jaisalmer district of Rajasthan.
Suzlon Energy, the world’s fifth largest wind turbine supplier, has received the final approval for the restructuring its 95 billion Rupee (USD1.77 billion) debt, marking the largest debt restructuring of an Indian company.
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.
India's wind-turbine maker, Suzlon Energy, has convinced investors to restructure USD2 billion of domestic debt, according to a Bloomberg report. Private sources told the news agency that about 80 percent of its domestic debt-holders, equivalent to USD2 billion, have accepted eye-watering terms of a two-year capital and interest repayment moratorium, with another eight-year payback period.
Mixed signals for India's wind sector
November 28, 2012
A slew of announcements over the past few days have done nothing to shed any light on India’s wind power market, the world’s third largest, which, to be gentle, seems to be in an endless state of flux. In a Bloomberg report on Monday a spokesman for Mytrah Energy, the country’s third largest wind developer, warned that the rate of new wind turbine installations was in a free-fall and would continue to be so due to the government’s inability to formulate a sound policy to support the industry. The country may install as little as 1,500-MW of capacity by the year ending March 31, about half what it did the previous year