Wind turbine maker Suzlon plans to raise money through ADRs
Feb 2, 2009 Natural Resource Conservation, Stars, Policy and Finance
Suzlon Energy, one of the largest windturbine manufacturers, is planning to raise an undisclosed sum through American Depository Receipts (ADRs). It has recently sought permission from indian government to raise its foereign direct investment (FDI) percentage to just over 25%, a 5% increase, reports the Economic Times.
It will be interesting to see the public response to a ADR issue, in midst of two opposing forces in US: the promises of Obama’s green initiatives and the ongoing financial market crisis.
Suzlon had a rough 2008, when some of its turbines developed cracks and then the tanking of Indian equity markets led it to suspend plans to raise Rs 1,800 crore (~$400 million) by way of a rights issue. Suzlon Energy is now planning to raise money through an ADR issue and/or a preferential allotment. Read the rest of this entry »
Tags: Suzlon, Suzlon Energy
Nicaragua set to get a 40MW wind farm next month
Dec 29, 2008 Green Technologies, Information of the Day
Windy days
Nicaragua is close to making operational a $90 million wind farm project by the end of January, that will contribute 6 percent of the country’s total energy needs. India’s Suzlon Energy has installed windmills near Lake Nicaragua.
This is part of Nicaragua’s efforts to reduce its dependence on oil-based energy to just 3 percent by 2013. The country has also turned to geothermal power from volcanoes, hydroelectric power generated by rivers and sugarcane based ethanol. Those sources provide 34 percent of Nicaragua’s energy.
It is encouraging to see that developing countries are embracing green initiatives on their own. Nicaragua’s case is even more special when you consider the fact that it gets majority of its oil from Venezuela, mostly at a discount. Renewable energy is not about cutting emission anymore, but being energy self-dependant and thus being less exposed to the vagaries of geopolitical ( like the Iran-Pakistan-India gas pipeline caught in the rut) and other situations. Read the rest of this entry »
Tags: Nicaragua, Suzlon, wind energy, Wind farm
Azure Power of India raises Series A funds
Nov 19, 2008 Startups
peHub reports that Azure Power, a solar power producer in India, has raised an undisclosed amount of Series A funding from Helion Venture Partners and Foundation Capital. Azure Power is a solar IPP (Independent Power Producer) with a diverse range of solar power projects. It has several grid and off-grid projects under development across several states in India.The investment will be directed towards scaling-up its operations .
With India setting ambitious targets for power generation capacity addition during its 11th Five year plan and with the coal shortage faced by its power plants till recently, renewable energy should be a no-brainer. Especially when the Iran-Pakistan-India gas pipeline deal is yet to be sealed and energy imports have caused a bulging current account deficit for the country.
Suzlon, the world’s fifth largest maker of wind tubines is from India as well.
Tags: Azure Power, India, Solar Energy, Startups, Suzlon
Wind turbine giant Suzlon mulls foray into solar power
Nov 18, 2008 Green Technologies, Stars, Policy and Finance
Tulsi Tanti - Suzlon
Suzlon Energy, one of the largest manufacturers of wind turbines is now planning forays into solar energy. “We are exploring the solar energy sector as India has enormous opportunity in solar and wind power,” Suzlon Energy Chairman and Managing Director Tulsi R Tanti told reporters on the sidelines of the India Economic Summit.
The company plans to leverage its infrastructure and other facilities in the existing wind farms to generate 15% additional power from solar energy. Its has current installed capacity of around 4500MW. Suzlon owns stakes in RE Power of Germany and Hansen Transmission International of Belgium.
The Suzlon stock has taken quite a beating in the Indian bourses, losing nearly 85% from its highs in the last year. This has to do with its problems with faulty wind turbines as well as inability to raise sufficient funds through a rights issue for financing acquisitions. Falling crude oil prices have not helped the cause of renewable energy technology companies worldwide either.
Tags: Solar Energy, Suzlon, wind energy
Wind turbine breaks but wind farms soldier on!
Oct 30, 2008 Green Technologies
Suzlon: Searching for answers
A Suzlon wind turbine in Wyanet, US, had one of its 140-foot long blades break off this week . Suzlon is still investigating this turbine failure but it appears to be related to the blade recall announced in March which requires the retrofitting 1,251 (417 sets) blades, mostly in the US, because of a design flaw that leads to blade cracking.
The recall problem has already cost the company millions in canceled orders. The company stock also suffered in the Indian stock market this week.
Tags: California, Suzlon, turbines, wind energy