Suzlon eyes to raise funds of Rs 800 crore

Suzlon Energy is eyeing to raise Rs 800 crore from private equity investors. The PE investors being Asia Climate Partners (ACP) and Olympus Capital Asia. The investment bank Edelweiss Financial Services is advising the company help raise funds. The newly created platform will help in continuous investment in solar and wind power assets.

Suzlon Energy, one of the leading global renewable energy solutions providers, continuously focuses on restructuring its business. The company has suffered from long lasting six financial years for tackling its profitability and overall execution of order book over the years.

Suzlon Energy’s order book continues to remain strong at 1,136 MW valued at Rs 7,165 crore in Q2FY17. The company’s consolidated net term debt excluding FCCB that stood at Rs 6,646 crore. It has successfully reduced by net debt Rs 230 crore in Q2FY17 on quarterly basis. Suzlon Energy’s working capital debt remained at Rs 3,193 crore in Q2FY17.

It has been intense on looking to create an independent platform to invest in renewable assets in the past few months. Further, it will also use for developing the existing assets. Suzlon Energy is going to  remain in focus as union budget is to be announced on February 1 in which the allocation of funds for renewable sector is going to boost.