The sale is the part of the Suzlon Group’s efforts to reduce the debt and focus on the home market and emerging markets such as China, Brazil, South Africa, Turkey and Mexico.
Suzlon said it will receive license from Senvion for off-shore technologies for the Indian market while Suzlon will give Senvion the S111-2.1MW license for the USA market.
Suzlon Group chairman Tulsi Tanti said: "The proceeds would be used for debt repayment thereby reducing interest cost and augment business growth.
"We will focus on high growth markets like India, USA and other emerging economy markets. Suzlon will offer itswind and solar hybrid technology solutions to contribute towards achieving country’s target of ‘sustainable energy for all’."
The transaction, which is subject to regulatory and other customary closing conditions, is planned to be closed before the end of the current financial year.
Centerbridge managing director Stefan Kowski said: "We are confident that Senvion will continue its track record and, together with the Company’s management, we look forward to supporting its continued development as a profitable and growing company."
