India’s Suzlon Group has signed an agreement to sell its entire 100% stake its German wind-turbine making subsidiary to Centerbridge Partners LP for EUR 1 billion (US$1.14 billion).
Suzlon stands to gain an additional EUR 50 million in future earnings from the deal under the agreement. The sale of Senvion SE is in line with Suzlon‘s strategy to reduce the debt and focus on the home market and high growth and emerging markets including the U.S. China, Brazil, South Africa, Turkey and Mexico.
The transaction is expected to be closed before the end of the current financial year.
Senvion is a manufacturer of onshore and offshore wind turbines with rated outputs of 1.8 megawatts to 6.15 MW and rotor diameters of 82 metres to 152 metres. It also provides turnkey, service and maintenance, transport and installation, as well as foundation planning and construction services.