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Suzlon sees slump in order book

INDIA: Indian turbine manufacturer Suzlon's fortunes went from bad to worse following a massive slump in its orders.

Its revenues fell from INR 13.27 billion (EUR2.2 billion) in H1 2009 to INR 8.5 billion (EUR1.4 billion) in H1 2010 - a decline of 36%. This resulted in a seven-fold increase in net losses, from a relatively modest INR 137 million (EUR22.9 million) loss in H1 2009 to an INR 11 billion (EUR184.3 million) loss over the first six months of this year.

Analysts blamed weak demand for green energy and continued foreign exchange losses.

It has been estimated that the company delivered only 200MW in Q2 2010, although it has the capacity to deliver 3.5GW. If this estimate is accurate, it would be difficult for Suzlon to cover even its fixed costs.

The figures prompted reports that the company is planning to sell a 25% stake in its German subsidiary Repower in a bid to raise finance. Suzlon declined to confirm or deny these reports to Windpower Monthly.

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