The Economic Times: May, 2014
Mumbai: Suzlon Group has secured a Rs 720-crore wind-turbine supply order from US-based PowerWorks, reviving its order book after scripting the country's biggest convertible bond default in 2012.
People with knowledge of the matter said Suzlon's US-based subsidiary, Suzlon Wind Energy Corp (SWECO), has forged an agreement with PowerWorks to supply up to 98.7 Mw of wind turbines.
As per the agreement, Suzlon will supply up to 47 wind turbine generators and will oversee the operations, maintenance and service of the wind turbines for a period of two years. This follows Suzlon's recent move to do a cashless restructuring of its existing foreign currency convertible bonds worth $485 million for five years.
"We have a strong focus on the US market as it offers a favourable renewable energy environment and the federal policy framework is moving in the right direction," said Tulsi Tanti, chairman of Suzlon Energy. "We look forward in welcoming PowerWorks to the Suzlon Group."
PowerWorks and its affiliates own and operate five wind power projects totaling 117 Mw in California and Idaho. "We're very excited to sell our first S111s and work with the PowerWorks team," said David Capparelli, vice-president, sales, at SWECO. Suzlon's CFO Kirti Vagadia said, "With this new product line, we are increasing our market size as now we can operate in low-wind sites."
In April, Suzlon had announced the strategic sale of the 240 Mw Big Sky Wind Farm in Illinois to EverPower Wind Holdings. Suzlon had acquired it from Edison Mission Energy via SWECO to recover $208 million in outstanding from client Edison Mission Energy, which the latter had withheld accusing the Indian wind-turbine maker of supplying defective equipment.