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Suzlon Shares Head for 9-Month High After Unit Wins Canada Order
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.
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