Suzlon Energy Ltd had, pursuant to a resolution passed by its Board of Directors on May 03, 2014, issued separate notices each dated May 06, 2014 convening meetings of the holders of the 0% October 2012 Bonds, the 7.5% October 2012 Bonds, the 0% July 2014 Bonds and the 5% April 2016 Bonds to consider the proposed restructuring of the Existing Bonds. The meetings of the holders of the Existing Bonds are proposed to be held on July 09, 2014. In furtherance to the same, the Company has issued a consent solicitation memorandum and an information memorandum each dated June 17, 2014, providing further information in relation to the commercial terms of the proposed restructuring of the Existing Bonds, including the terms and conditions of the new foreign currency convertible bonds (FCCBs) (the “Restructured Bonds”). Suzlon has received approval of the Corporate Debt Restructuring (CDR) Empowered Group for the debt restructuring proposal and has also received approval of the Reserve Bank of India (RBI), subject to specified conditions. The restructuring proposal, including the terms of the Restructured Bonds, is subject to the approval by the requisite majority of the holders of the Existing Bonds in each series.
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Tulsi Tanti states the role of REPower in Suzlon Growth Strategy
Mr Tulsi Tanti chairman of Suzlon has said that Suzlon Energy plans to focus on emerging markets, while its German subsidiary REpower Systems will address the developed markets under the new strategy to boost profits by increasing market share and cutting costs.
Suzlon Energy, which recently completed the acquisition of REpower, will embark on a new strategy from January to help the world’s third-largest windturbine maker increase market share to 9% by 2012-13 from 7% now.
In the short term, this would lead to a 2% improvement in market share and 2% improvement in earnings before interest, tax and depreciation margin. We would make an overall savings of $200 million in the next financial year (2012-13). The process of acquiring 100% in REpower Systems went on for almost four years since Suzlon first acquired stake in the company in 2007. Continue reading Tulsi Tanti states the role of REPower in Suzlon Growth Strategy
Suzlon Energy Gets 21 MW Order From Grant County Wind Farm, Minnesota, USA
Suzlon Energy Limited has informed the Exchange that “Suzlon Wind Energy Corporation, the USA, a step-down wholly owned subsidiary of the Company has received a new order for the community-based Grant County Wind Farm in South-Western Minnesota, USA. Developed by Juhl Wind (Juhl) of Woodstock, Minnesota, the project consists of 10 Suzlon S88 2.1 MW wind turbines and at full capacity will produce 21 megawatts, enough energy to power 7,000 homes in the area. Construction on the site has already begun and the wind farm is expected to be in the area. Construction on the site has already begun and the wind farm is expected to be in commercial operation in the first quarter of 2010.”