News | Energy Efficiency

http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/wind/suzlon-raises-150-as-buyout-efforts-of-repower-continues.html

Wind turbine manufacturer Suzlon has raised $150m though foreign currency convertible bonds (FCCBs) as it continues a fundraising programme in a bid to secure complete control of Germany’s REpower Systems.

Alongside the foreign exchange capital raising, the India-based business raised its stake in REpower Systems to 95.16 per cent, according to reports.
The company’s fundraising efforts may see it raise a total $1.1bn in additional capital.
The FCCBs have a maturity of five-years and Suzlon has applied to list them on the Singapore Stock Exchange.
Suzlon first acquired a stake in REpower in 2007 and has since carried out a number of additional share deals with the company.
In February, Suzlon – which is regularly cited as a ‘top ten’ manufacturer – reported earnings had been hit by foreign exchange fluctuations.
Revenue dropped to INR44.3bn ($970m), compared with INR55.9bn ($1.22bn) in the same quarter of 2009.
The buyout of REpower would see it gain a strong foothold in the European markets with an established player.