Pune, India: Suzlon Group, India's largest renewable energy solutions provider, today announced that
CRISIL has upgraded the ratings of Suzlon Energy Ltd. to 'CRISIL BBB+/A2' from 'CRISIL BBB-/A3' with a
Positive Outlook for long-term and short-term facilities, reflecting the Company's strengthened financial
position, operational excellence and favourable sectoral tailwinds.
The rating upgrade is a result of Suzlon's successful reduction of debt by repaying the entire term debt
through the proceeds of a qualified institutional placement (QIP) of approximately Rs. 2,000 crores. The
reduction in fund-based borrowings, steady cash flows from the operations and maintenance (O&M)
services business, and improved business profile in the wind turbine segment have contributed to this
Himanshu Mody, Chief Financial Officer, Suzlon Group said, "We are delighted with CRISIL's decision to
upgrade our ratings to 'CRISIL BBB+/A2' with a Positive Outlook. This upgrade is a validation of our
dedication to sound financial management, operational excellence, and sustainable expansion. By
successfully repaying our term debt and improving our financial flexibility, we are better positioned to
seize opportunities within the renewable energy sector and continue our growth journey."
This two-notch long term ratings upgrade and a Positive Outlook of CRISIL ratings largely indicate CRISIL's
expectations of continued achievement given the Company's strong business fundamentals and a
favourable market environment for the Indian wind energy sector.
A snapshot of the ratings after the upgrade are as under:
|Total Bank Loan Facilities Rated
|Rs. 1,550 Crore
|Long Term Rating
|Short Term Rating
Click the link below to see the complete report:
About The Suzlon Group
The Suzlon Group is one of the leading renewable energy solutions providers in the world with more than
20 GW* of wind energy capacity installed across 17 countries. Headquartered at Suzlon One Earth in Pune, India;
the Group comprises of Suzlon Energy Limited (NSE: SUZLON & BSE: 532667) and its subsidiaries. A vertically
integrated organisation, with in-house research and development (R&D) centers in Germany, the Netherlands,
Denmark and India, Suzlon's world-class manufacturing facilities are spread across 14 locations in India. With over
28 years of operational track record, the Group has a diverse workforce of nearly 6,000 employees. Suzlon is also
India's No. 1 wind energy service Company with the largest service portfolio of over 14 GW of wind energy assets.
The Group has ~6 GW of installed capacity outside India. The 3 MW Series wind turbine technology platform is the
latest addition to its comprehensive product portfolio.
*Global installations of Suzlon manufactured wind turbine generators. Data as on 30th June 2023.
Suzlon corporate website: www.suzlon.com
Tel: +91 (20) 67025000