Suzlon raises stake in REpower to 73.7 percentDecember 30th, 2008 - 5:45 pm ICT by IANS
New Delhi, Dec 30 (IANS) Suzlon Energy, India’s largest wind turbine manufacturer, has acquired the first tranche of Martifer group’s stake in REpower Systems AG of Germany for approximately euro 65 million ($89 million or Rs.4.23 billion), the company announced Tuesday.The transaction takes Suzlon’s holding in REpower to 73.71 percent. It already holds 91 percent voting rights in REpower through an existing agreement with Martifer.
Earlier this month, Suzlon signed an agreement with Martifer Group on a revised payment schedule to pick up a 22.4 percent stake that Martifer Group of Portugal holds in REpower, which upgraded its holding in the German firm to about 91 percent.
As per the new terms, Suzlon will pay Martifer in three tranches with the first instalment of euro 65 million which the company paid.
The next instalment, of euro 30 million ($41 million or Rs.1.95 billion), will be made in April 2009 and the final one of euro 175 million ($239 million or Rs.11.38 billion)the following month.
Suzlon’s acquisition of REpower Systems is aimed at tapping the European and North American wind energy markets.
While Suzlon’s largest on-shore wind turbine is of 2.1 MW capacity, REpower’s wind turbines are in the range 2.2 MW to 5 MW.