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India

India

Suzlon signs first order since $1.8 billion debt restructuring

INDIA: Suzlon has signed its first turbine order since the approval of its $1.8 billion debt restructuring.

The deal is a repeat order from mining company Sri Kumarswamy Mineral Exports for 14 turbines with a combined total installed capacity of 21.75MW. It comprises nine 1.25MW S66 turbines and five 2.1MW S88s, which will be installed in the Dindigul and Tirunelveli districts of Tamil Nadu and commissioned by the end of March 2013.

Earlier this week, Suzlon confirmed that its $1.8 billion corporate debt restructuring plan had been approved by a group of banks including Industrial Development Bank of India, ICICI Bank and State Bank of India.

Suzlon, which has been struggling with debt repayments, will get a two-year moratorium on certain debt interest, plus a 3% reduction on interest rates.

At the same time as the Sri Kumarswamy Mineral Exports deal was announced, Suzlon CEO and chairman Tulsi Tanti warned that turbine installations will probably stall in 2013 as policy uncertainty, financing difficulties and delayed grid connections weigh down on projects.

Speaking at the World Economic Forum in Davos, Tanti told Bloomberg that he expects about 45GW of installations worldwide this year.

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