Jan. 31 (Bloomberg) — Suzlon Energy Ltd. shares headed for
their highest level in nine months after a unit of India’s
biggest wind turbine maker won a 350 megawatt order in Canada.
Suzlon surged as much as 10.4 percent to 23.40 rupees, the
highest intraday price since April 23, 2012, and traded up 8.7
percent as of 10:12 a.m. in Mumbai.
Repower Systems SE, based in Hamburg, Germany, will supply
the Canadian unit of Electricite de France SA 175 turbines, each
capable of producing 2 megawatts of electricity, Suzlon said in
a statement to stock exchanges today.
The order, with supplies beginning this year, is Repower’s
largest contract. The win comes a week after Suzlon’s lenders
approved a 95-billion rupee ($1.78 billion) debt-restructuring
plan, which will help bring down the company’s repayment costs.
Suzlon, based in Pune, India, on Oct. 11 failed to pay $209
million, the biggest convertible note default by an Indian
company.
The first phase of 150 megawatts will start generation in
December 2014. The remaining 200 megawatts will be ready a year
later. The order is part of an initial agreement in 2009 between
Repower and EDF for 954 megawatts of wind turbines, Suzlon said
in the statement.
To contact the reporter on this story:
Archana Chaudhary in New Delhi at
achaudhary2@bloomberg.net
To contact the editor responsible for this story:
Arijit Ghosh at
aghosh@bloomberg.net
