Suzlon acquired its first stake in REpower in May 2007. REpower is a recognized technology leader with a strong presence in Europe, North America and Australia. It can make use of the experience gained from the manufacture and installation of around 3,500 wind turbines around the world. REpower develops, produces and markets multi megawatt wind turbines(1.8 to 6.15 MW) and offers its customers an extensive range of solutions in the area of service and maintenance. It has an employee strength of around 2,500.
- Suzlon through its subsidiaries purchased 33.85% stake for a consideration of approximately Euro 453 million on June 6, 2007
- Agreement with Martifer for its approximate 23.08% stake with acquisition cost payable only after May, 2009
- Agreement with Areva for its approximate 30.17% stake with acquisition cost payable only after May, 2008
- The deal was partially financed in tranches with loan repayment upto 7 years, which got partly refinanced through convertible bonds issue and follow-on equity offering proceeds
Suzlon was awarded the Euromoney - Ernst & Young global renewable energy award for 'M&A of the Year' for the successful acquisition of a stake in REpower