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Suzlon Energy Climbs After Report on $300 Million Sale of Wind Farms

According to reports, Suzlon Energy Ltd. (SUEL) rose as much as 7.1 percent after Valor Economico reported that India’s biggest wind-turbine maker sold five Brazilian wind farms for 540 million reais ($300 million).

A renewable-energy investment fund managed by Banco do Brasil SA (BBAS3) and Banco Votorantim SA and Oleoplan Group’s Enerplan unit bought the five farms in Ceara state comprising 136.5 megawatts of capacity, the report said, citing Arthur Lavieri, head of Suzlon’s Brazilian unit. The deal was arranged by Banco Pine SA, according to the report.

Suzlon’s headquarters in Pune declined to respond to e- mails and phone calls requesting comment. The shares advanced 3.4 percent to 29.2 rupees by the close in India, its highest since March 2. The stock has gained 62 percent this year. The BSE India Sensitive Index gained 1.3 percent.

Suzlon bought five Brazilian wind farms from Martifer Renovaveis Geracao de Energia e Participacoes SA, a unit of Portugal’s Martifer SGPS SA (MAR), according to a statement from the Brasilia-based electricity regulator Agencia Nacional de Energia Eletrica on Oct. 11.

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