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We can now invest in our target emerging markets, says Suzlon Chairman Tulsi Tanti

According to reports, After agreeing to sell German unit Senvion for $1 billion, Suzlon Chairman Tulsi Tanti says he was compelled to sell the business, which the company bought in 2007 for $1.4 billion, for strategic reasons as he was faced with high debt at a time when growth prospects are bright. Edited excerpts from his interview with Shuchi Srivastava: Earlier you resisted the idea of selling Senvion. What triggered the move now? This deal was required purely for strategic ... Read More »

Why did Suzlon sell German subsidiary Senvion?

According to reports, top technology. Market leadership. High profitability. Who would want to give up such a prized subsidiary? Few, unless you are Suzlon Energy Ltd, the world’s fifth-largest wind turbine maker, which on Thursday agreed to sell its German arm Senvion SE to American private equity firm Centerbridge Partners LP for €1 billion, or around Rs.7,200 crore. The reason? To reduce debt burden, which stood at Rs.17,323.23 crore on a consolidated basis, as of 30 September. Suzlon is expected ... Read More »

Gamesa signs 100 MW windpower project

According to reports, Spain-based wind turbine maker Gamesa has bagged a 100 MW wind power project in Maharashtra from Orange Renewable Power. “The deal comprises 50 units of Gamesa G97-2.0MW T104m wind turbines which will be commissioned in two phases by June 2015. The project is expected to come up in Khanapur, Maharashtra”, Gamesa India, said in a statement. The company would be responsible for project supply, erection and commissioning. The agreement includes long term comprehensive operations and maintenance agreement, ... Read More »

Wind energy mission addition awaits nod

According to reports, the government is to introduce a ‘wind energy mission’ in the National Action Plan for Climate Change (NAPPC). Officials said formal induction awaited consent from the prime minister. The proposed National Wind Energy Mission, drafted by ministry of new and renewable energy (MNRE) in April 2014, aims to create a conducive investment environment for investors in the wind energy sector.  It has been waiting for the cabinet’s nod. After being inducted in NAPPC, the mission would be ... Read More »

Supreme Court of India rejects plea of Indian Wind Energy Association

According to reports, the Supreme Court has rejected the windmill owners’ plea seeking relief from Rs 35 crore fine imposed by Maharashtra government for installing structures in Koyna wildlife sanctuary, a part of the Sahyadri tiger reserve. The apex court in its order on January 16, a copy of which is with TOI, has allowed three months period for windmill and resort owners to deposit the fine with the state government. Karad-based environmentalist Nana Khamkar had complained in 2010 that ... Read More »

Singapore co Sembcorp in talks to take over Green Infra

According to reports, IDFC-PE-funded renewable energy producer, Green Infra, could be taken over by Singapore-based Sembcorp. Industry sources said that a deal was hammered out in a shareholders meeting on Tuesday, but some company insiders said that the talks were in the final stages. Green Infra has close to 500 MW of wind power and 35 MW of solar. Two funds of IDFC-PE have invested in Green Infra – funds II and III. They hold one third and two-thirds of the ... Read More »

Banks may play spoilsport in Suzlon’s sale of Senvion

According to reports, wind turbine maker Suzlon Energy is expected to sell its wholly-owned German subsidiary Senvion for about €1 billion (about ₹7,200 crore) in the next couple of days. However, there is apprehension that the lenders consortium may not be agreeable to the valuation. The company did reach out to the media on Tuesday stating that a strategic announcement would be made late in evening, which eventually did not materialise. In 2009, Suzlon acquired Senvion for over €1.35 billion ... Read More »

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