Suzlon Energy Ltd, one of the world’s-largest wind turbine makers, has acquired Illinois-based wind park Big Sky from Edison Mission Energy (EME), as per a stock market disclosure. The financial details of the acquisition are not disclosed.
Operating since 2011, the wind park consists of 114 S88 turbines and with this acquisition, Big Sky will become the biggest wind park in the US, owned by Suzlon.
EME is engaged in power generation. Its power plants provide about 47,000 megawatts of generation capacity and retail and thermal subsidiaries serve more than 2 million customers in 16 states. It is now the part of Princeton-based NRG Energy Inc which recently acquired all its assets.
Suzlon is acquiring the US-firm through its wholly-owned US-based subsidiary SWECO, in lieu of outstanding dues. It had sold the turbines to EME for Big Sky project in Illinois in 2009.
"We are very pleased to have worked with our long-time customer EME on this transaction. Our relationship with EME dates back to the earliest days of Suzlon doing business with the US and we are pleased to have been their partner. We look forward to continuing that relationship with NRG Energy," said Duncan Koerbel, CEO of SWECO.
SWECO, a leading manufacturer of customised industrial separation equipment, has 13 screen and separator manufacturing facilities and over 100 screen and separator service offices surrounding the globe.
Suzlon, which counts amongst its shareholders Citi Venture Capital International, has sold some assets in the recent past as part of its move to cut debt.
In the third quarter of the current fiscal, Suzlon raked in total income of Rs 5,052.20 crore compared with Rs 4,047.71 crore in the same period a year ago. Its net loss stood at Rs 1,075 crore against a loss of Rs 1,155 crore in the year-ago period.
Suzlon scrip was trading at Rs 11.43 on Wednesday, up 0.88 per cent on the BSE in a strong Mumbai market at 1.25 PM.
(Edited by Joby Puthuparampil Johnson)