Indian wind power company Suzlon sells two solar subsidiaries
Specifically, Suzlon has sold its stake in SE Solar and Gale Solarfarms to CLP Wind Farms (India) Private Limited and is no longer its parent company. Among them, SE Solar sells for Rs 766.5 million (approximately RMB 74.6 million) and Gale Solarfarms sells for Rs 225.4 million (approximately RMB 21.94 million).
For the fiscal year ended March 31, 2018, SE Solar's turnover was Rs. 544.3 million (approximately RMB 52.98 million), while the net value at that time was Rs. 159 crore (approximately RMB 154 million). Gale Solarfarms has a turnover of 7.2 million rupees (about 700,000 yuan) and a net property of 323 million rupees (about 31.44 million yuan).
The company did not say why it sold its property.
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According to reports, a month ago, Danish wind turbine manufacturer Vestas Wind Systems was commenting on the acquisition of Suzlon's controlling stake.
At the time of the report, Suzlon's investors were considering such trading, due to the company's debt.
In January of this year, Suzlon sold 10% of its Hansen shares to investment company Ecofin for Rs. 6 billion. Suzlon holds its stake in Hansen through a subsidiary called AE-Rotor Holding.
At the same time, Suzlon announced on Thursday that it would pay bondholders a $1.87 million in rewards. As part of the debt-reduction plan, the principal amount of the issued bonds was $121 million.
In April, Indian rating organization Crisil downgraded Suzlon and its affiliated companies' debt and banking assets because private equity was delayed in Suzlon, causing a sharp deterioration in debt ratio. The rating company said the downgrade was also due to the many refinancing and financing risks of Suzlon in the 2009-10 financial year.
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