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Suzlon pays €30 m to Martifer for stake in REpower

Suzlon Energy has paid €30 million as part payment to Martifer SGPS SA for its stake in a Germany-based wind turbine maker.

Portugal-based Martifer said the money was paid yesterday.

“Martifer has received payment of €30 million for the second tranche of the sale to Suzlon of Martifer Group's stake in REpower Systems AG (REpower) on 30th April 2009,” Martifer SGPS SA said in a statement on its Web site.

A spokesperson for Suzlon confirmed the development.

The Pune-headquartered company needs to pay the remaining €175 million in May to buy Martifer's 22.4 per cent stake in Hamburg-based REpower Systems.

It had paid €65 million as the first tranche in December 2008. Suzlon's stake will increase to about 91 per cent in REpower after the transaction is completed.

The company, through REpower, would supply and erect equipment for power projects in Canada from the next financial year (2010-11).

Tulsi Tanti-led Suzlon posted a net loss of Rs 52.3 crore for the nine-month period ended December 31, 2008, against a net profit of Rs 565.28 crore in the year-ago period.
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