Suzlon's board of directors has formally approved the sale of German turbine subsidiary Senvion to Centerbridge Partners. The $1.2 billion all-cash deal – necessitated by Suzlon's financial struggles – was announced on Jan. 22.
As part of the deal, Senvion agreed to license its offshore wind technology to Suzlon for use in the Indian market. On the flip side, Suzlon agreed to let Senvion use its S111-2.1 MW technology for the U.S. wind market.
‘We thank our shareholders and lenders for their confidence, trust and faith in the strategic vision of Suzlon,’ says Tulsi Tanti, Suzlon Group chairman. ‘I am confident the bold decisions taken in the recent past by the company will pave the way for Suzlon's resurgence.’