New Delhi - Indian wind energy company Suzlon Tuesday announced that it will invest 270 million euros (370 million dollars) to increase its stake in the German wind turbine manufacturer REpower Systems AG. Suzlon stated that it will pick up a 22.4-per-cent stake held by Martifer SGPS of Portugal which will increase its share in the German company to approximately 91 per cent.
Suzlon will pay Martifer in three installments beginning with the first payment of 65 million euros this month, a 30-million-euro installment in April 2009 and the final tranche of 175 million euros the following month.
Suzlon's 615-million-dollar investment in REpower last year was aimed at entering the European and North American wind energy markets.
"Our commitment to facilitate further growth in REpower and to safeguard the interests of all stakeholders in the company remains strong as ever," Tulsi Tanti, Suzlon chief executive officer, said.
Suzlon is ranked as the world's fifth-largest wind energy company with over 10.5 per cent of the global market share in 2007.
The company has a combined manufacturing base of 2,700 megawatts of annual capacity and plans to add 3,000 megawatts.
