Bloomberg News

Suzlon Wins 50-Megawatt Order for Rajasthan Wind Power Plant

January 30, 2013

Suzlon Energy Ltd. (SUEL), India’s largest wind-turbine maker, said it won an order to build and operate a 50.4 megawatt wind power plant in India’s western state of Rajasthan.

The company will install 24 units of its 2.1-megawatt S88 turbine for New Delhi-based Orange Renewable Power, it said in an e-mailed statement, without giving the value of the order.

Suzlon’s lenders last week approved a 95-billion rupee ($1.78 billion) debt restructuring plan, which will help bring down the company’s debt repayment costs. Suzlon on Oct. 11 failed to pay $209 million, the biggest convertible note default by an Indian company.

Shares rose as much as 2.6 percent to 21.6 rupees. The stock has declined 26 percent in the past year, compared with a 16 percent increase in the benchmark Sensitive Index.

Worldwide wind turbine installations will probably stall in 2013 as policy uncertainty, financing difficulties and delayed grid connections affect projects, Suzlon Chairman Tulsi R. Tanti said on Jan. 25.

To contact the reporter on this story: Rajesh Kumar Singh in New Delhi at rsingh133@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net


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