Suzlon Group, the world’s fifth largest wind turbine maker, has entered into a binding agreement to sell its equity in its wholly-owned China manufacturing subsidiary to China Power (Tianjin) New Energy Development Company (CPNE).
The two companies signed a binding term-sheet on June 22, 2012 for the sale of Suzlon Group’s China manufacturing subsidiary - Suzlon Energy Tianjin - to CPNE, with the majority of its assets and liabilities, for approximately $60 million / RMB 384 million / Rs 340 crore. Further, the sale is subject to requisite regulatory approvals.
Suzlon Group had established its marketing operations in China in 2005, followed by the set up of its wholly-owned manufacturing facility in 2006. The company has till-date installed over 900 MW of wind capacity in China.
Suzlon Group comprises of Suzlon Energy and its subsidiaries, including REpower Systems SE. Suzlon Energy is leader in wind energy in the India, which is world’s fifth largest wind energy market. Its business model has range of services that include development, manufacturing, marketing, EPC project delivery and operations and maintenance of wind turbine generators around the world.
