AE-Rotor Holding, an indirect subsidiary of Indian wind turbine manufacturer Suzlon Energy, has agreed to sell approximately 67.01 million shares or 10% equity in Belgian wind turbine gearbox manufacturer Hansen Transmissions International, to funds managed by Ecofin, a London-based specialised investment firm.

Following completion of the acquisition, Ecofin will have a voting and economic interest in Hansen of approximately 11.62%. It has undertaken to Suzlon, subject to customary exceptions, not to dispose of the shares acquired from Suzlon until after June 30, 2009. The lock-up is renounceable in certain circumstances, as outlined below. Following this disposal, the Suzlon Group will retain a voting and economic interest in Hansen of approximately 61.28%.

According to the company the terms of the relationship agreement entered into between Hansen and Suzlon give Suzlon the right to appoint two non-executive directors to the board of Hansen, for so long as its shareholding in Hansen is a minimum of 26%.

Under the terms of the agreement entered into with Ecofin, Suzlon has granted Ecofin the right to nominate one such director for so long as Ecofin’s shareholding in Hansen is a minimum of 8%.

Ecofin has indicated that it does not currently intend to exercise this right. This right is renounceable at Ecofin’s option within three months following completion, in consideration for the release of the lock-up obligation in respect of the shares acquired by Ecofin.