Suzlon Energy, an integrated wind power company, has signed an agreement with Martifer of Portugal for the acquisition of Martifer's total stake of approximately 22.48% in REpower Systems of Germany for a total consideration of E270 million.
The agreement is slated to be completed by December 15, 2008, and will consolidate Suzlon’s total holding in REpower to approximately 90%.
Suzlon acquired approximately 30% in REpower in June 2008 from major shareholder Areva of France, taking Suzlon’s total holding in REpower to approximately 66%, prior to the acquisition of Martfier’s holding in the company.
Tulsi Tanti, chairman and managing director of Suzlon Energy, said: This is a very important development for Suzlon and REpower. The completion of the agreement will take Suzlon’s stake in REpower to about 90%, and put both companies in a stronger position to derive synergy benefits from the collaboration.