May 20, 2020

Suzlon Shareholders approve Resolutions for Debt Restructuring

  • Shareholders have approved all the resolutions by Postal Ballot
  • Stakeholders demonstrate confidence in the Company by confirming to equity infusion
  • Company to slowly begin operations as restrictions of the lockdown are eased

Pune, India: Suzlon Group, India's largest renewable energy solutions provider, announced the outcome of its Extra-ordinary General body Meeting (EGM).

J P Chalasani, Group CEO, said, "We are pleased with the outcome of the shareholder's approval, where they have whole heartedly supported all the resolutions, clearing the path for completion of our Debt Restructuring process. Stakeholders have demonstrated confidence in the Company by confirming to infuse equity. The Company is set to begin operations post completion of formalities and end of current lockdown in the country."

Swapnil Jain, CFO, said, "We are grateful to all our lenders, bondholders and key stakeholders for having faith and standing by the Company to work towards a holistic debt resolution in these challenging times. With trimmed debt and new equity infusion, the capital structure of the Company will get fixed, and we shall be back in business."

About Suzlon Group:

Suzlon Group is one of the leading renewable energy solutions provider in the world with a global presence across 18 countries in Asia, Australia, Europe, Africa and Americas. Headquartered at Suzlon One Earth in Pune, India; the Group is comprised of Suzlon Energy Limited (NSE & BSE: SUZLON) and its subsidiaries. A vertically integrated organization, with over two decades of operational track record, the group has a cumulative global installation of over 18.8 GW of wind energy capacity, over 6,000 employees with diverse nationalities and world-class manufacturing facilities. Suzlon is the only Indian wind energy company with a large in-house Research and Development (R&D) set-up in Germany, the Netherlands, Denmark and India. Over 12.8 GW of the Group's installation is in India, which makes up for 35% of the country's wind installations, making Suzlon the largest player in this sector. The Group is the custodian of over 12.8 GW of wind assets under service in India making it the 2nd largest Operations and Maintenance Company (over 8,900 turbines) in Indian power sector. The Group also has around 3 GW of wind assets under service outside India.

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