New suitor in play for Suzlon's rescue - report

Suzlon wind turbine. Author: Suzlon Group. License: All Rights Reserved.

October 14 (Renewables Now) - A new suitor has emerged for troubled Indian wind turbine maker Suzlon Energy Ltd (BOM:532667) after the withdrawal of Denmark’s Vestas Wind Systems A/S (CPH:VWS) and Brookfield Asset Management Inc (TSE:BAM.A), the company’s founder and chairman told the Mint.

Tulsi Tanti did not disclose the name of the new player that could become part of Suzlon’s rescue plan due to a confidentiality agreement. The debt-laden manufacturer is still working to agree on a resolution plan with its creditors after defaulting on USD 172 million (EUR 155.8m) worth of bonds in July.

At the end of September, Suzlon denied media reports claiming that the company is about to file for bankruptcy, reiterating its debt resolution and revival plans are not dependent on a single option. It then said no extreme steps would be needed until January 2020. 

According to a statement by Suzlon, its consolidated net term debt amounted to INR 77.51 billion (USD 1.09bn/EUR 988.4m) at the end of June 2019, with working capital debt approaching INR 40 billion.

(USD 1.0 = EUR 0.906)

(INR 10 = USD 0.141/EUR 0.128)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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