Suzlon plans capacity expansion

New Delhi: Wind turbine maker Suzlon Energy plans to raise its manufacturing capacity to 5,700 MW by later this year.

The company will raise its manufacturing capacity to generate 5,700 MW, up from the current 4,000 MW, by the end of the first quarter of the next fiscal.

The Pune-based company plans to use accruals from operations and debt to pay Portugal’s Martifer Group for a stake in Germany’s REpower Systems AG.

The company has no plans to reschedule the payment to Martifer, which was due in May. In December, Suzlon agreed to a revised payment schedule with Martifer to buy a 22.4 per cent stake in REpower. Suzlon needs funds to pay Euro 205 million more by May to purchase Martifer’s stake in REpower.

Earlier, in a March 19 statement to stock exchanges, Suzlon had said it was exploring options, including a private equity placement, to raise funds for its operations and growth plans.