Suzlon

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.

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 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.

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

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.