Standard Post with Image

Suzlon Subsidiary Repower Arranges 750 Mn Euros Loan

  • Wind turbine maker Suzlon Energy today said its wholly-owned subsidiary REpower Systems SE has arranged syndicated loan worth 750 million euros (over Rs 4,900 crore).REpower has inked a pact with a consortium of lenders, led by BayernLB, Commerzbank Aktiengesellschaft and Deutsche Bank AG, for a syndicated loan of 750 million euros, according to a regulatory filing by Suzlon Energy.The move would enable REpower to secure follow on financing early for the credit facilities of 600 million euros agreed in May 2009, it noted.

  • In total, 13 German and international banks and credit insurance companies are participating for the syndication of loan, having a term of 2.5 years."The confidence that our banks and credit insurance companies are showing in our strategy is an important sign for all our stakeholders, especially given the current difficult environment in our industry," REpower CFP Derrick Noe said.The company expects a "double-digit growth for both, sales and earnings, for the current as well as for the next fiscal year", he added.

Source