Suzlon's UK unit bags two wind turbine deals
07 January 2013
Indian wind turbine major Suzlon Energy Ltd said its British unit REpower UK has signed two new contracts for wind turbines that can generate a total 16.4 MW at two facilities in the United Kingdom.
The turbines are for a new wind farm at Wear Point Wind Ltd in Pembrokeshire, south Wales, and the Avonmouth Wind Farm in south-west England.
The Wear Point order will consist of four MM82 turbines. Construction will start in the summer and be completed towards the end of the year, Suzlon said in a statement on Monday.
Avonmouth Wind Farm, located at the Bristol sewage treatment works, is being developed by Triodos Renewables Plc and GENeco, Wessex Water's waste-to-energy company. The order will consist of four MM92 turbines.
The value of the orders wasn't disclosed.
Suzlon chairman Tulsi Tanti in December sold a 2.11 per cent stake in the company for about Rs63 crore. The promoter group's holding has fallen to 50.65 per cent following the sale.
Suzlon's promoters will use funds as part of the company's corporate debt restructuring, it told the Bombay Stock Exchange. This includes operations and debt reduction.
Suzlon, which had debt of Rs13,017 crore at end-June, decided in October to suspend its forecast for this fiscal. Despite strong fundamentals and a $7.2 billion order book, liquidity constraints, a volatile market and the debt recast will hurt performance, the company said at the beginning of the third quarter of the fiscal.