Suzlon pays 30 mn euros to Martifer for stake in REpower

Suzlon Energy, India's largest wind turbine maker, has paid 30 million euros as part payment to Martifer SGPS SA for its stake in a Germany-based wind turbine maker.         

Portugal-based Martifer said the money was paid yesterday.         

"Martifer has received payment of 30 million euros for the second tranche of the sale to Suzlon of Martifer Group's stake in REpower Systems AG (REpower) on 30th April 2009," Martifer SGPS SA said in a statement on its website.         

A spokesperson for Suzlon confirmed the development.         

The Pune-headquartered company needs to pay the remaining 175 million euros in May to buy Martifer's 22.4 per cent stake in Hamburg-based REpower Systems.         

It had paid 65 million euros as the first tranche in December 2008.         

Suzlon's stake will increase to about 91 per cent in REpower after the transaction is completed.         

The company, through REpower, would supply and erect equipment for power projects in Canada from the next financial year (2010-11).         

Tulsi Tanti-led Suzlon posted a net loss of Rs 52.3 crore for the nine-month period ended December 31, 2008, against a net profit of Rs 565.28 crore in the year-ago period.

However, its total income nearly doubled to Rs 17,499.2 crore from Rs 8,924.3 crore during the same period, Suzlon said in a statement to the Bombay Stock Exchange on April 21.         

Suzlon would start operations in South Africa and expand in South America, where the company has a presence in Brazil, Suzlon Energy Chairman and Managing Director Tulsi Tanti had said earlier this month.         

It is also looking at enhancing its operations in Europe.