According to reports, Suzlon Energy Ltd. (SUEL), India’s biggest wind turbine maker, lost its second senior manager in less than a month after the chief financial officer of its German unit Repower SE resigned.
Derrick Noe resigned from Repower’s executive board of directors on April 19 “due to different views on the company’s future business strategy,” the company said in a website statement dated yesterday.
Suzlon, struggling to meet debt repayments, is studying options for Hamburg-based Repower including a sale or a stake listing, Bloomberg reported April 6, citing people with knowledge of the matter. Suzlon lost its chief financial officer last month when Robin Banerjee quit. Kirti Vagadia, the head of corporate finance, has assumed his responsibilities.
Wind turbine makers face narrowing margins after reducing prices to compete for orders as U.S. and European governments cut clean-energy incentives to curb budget deficits. Losses at Suzlon grew to 2.86 billion rupees ($54 million) in the three months through December, the most in five quarters.