Suzlon Energy Limited (SEL), the world’s fifth leading and Asia’s largest wind turbine manufacturer* announced the completion of payment of Euro 30 mn for the second tranche of Martifer Group’s stake in REpower on 30th April, 2009. The transaction takes Suzlon’s holding in REpower to 76%. Suzlon already controls 91% voting rights in REpower through an existing agreement with Martifer.
Mr. Tulsi Tanti, Chairman and Managing Director - Suzlon Energy Limited, stated: "This is an important step forward, and clearly demonstrates we are on track to completing the acquisition of REpower, and realizing synergies and benefits for both companies. This also builds on our relationship with the Martifer Group - making it stronger and more mutually beneficial”
Mr. Jorge Martins, Vice Chairman – Martifer, added: "We have a strong business relationship with Suzlon, and we are strengthening it further with a long-term mutual commitment that will create value for both companies."
Suzlon and the Martifer Group in December 2008, entered into an agreement on a revised payment schedule for Martifer's 22.4 % stake in REpower, with the first tranche acquired in December 2008 by payment of Euro 65 mn, the second in April, 2009 by payment of Euro 30 mn, and the final tranche by payment of Euro 175 million payable in May, 2009.
About Suzlon Energy Limited
Suzlon ranked as the world’s fifth leading wind turbine manufacturer in 2008*. The company has ranked as the leading manufacturer in the Indian market for nine consecutive years, maintaining over 50% market share. Suzlon has its corporate offices in Pune, India and company’s global spread reflects in its projects and markets portfolio - extending across Asia, Australia, Europe and North and South America. Suzlon is a highly vertically integrated wind turbine manufacturer with manufacturing capability along the full value chain – from components to complete wind turbine systems. The company currently has a combined manufacturing base of 4,200 MW of annual capacity. Please visit www.suzlon.com for more information.
