ABB_id2059
in News Departments > Projects & Contracts
print the content item

Suzlon has entered into a definitive agreement to sell the 240 MW Big Sky wind farm, located in Illinois, to EverPower Wind Holdings. The acquisition brings EverPower's total operational wind capacity in the U.S. to 752 MW.

The India-based turbine maker recently acquired the wind farm from bankrupt Edison Mission Energy (EME). As part of that deal, Suzlon agreed to forgive a $228 million loan it had made to EME to purchase the project's turbines. The wind farm, completed in 2011, features 114 of Suzlon’s S88 machines.

Suzlon had already lined up the strategic sale to EverPower with the U.S. Federal Energy Regulatory Commission before closing the EME deal. Kirti Vagadia, Suzlon’s head of finance, says in a statement, “This sale of Big Sky wind farm to a sound long-term investor like EverPower is an important part of our dis-investment strategy to hive off non-core assets, and the net proceeds of the sale will be used to fuel our business growth.”

Financial details of the EverPower deal were not disclosed, but according to a Bloomberg report, Suzlon previously said it expected to earn less than half of the $228 million loan it had made to EME. The turbine maker is reportedly aiming to recover from a debt linked to a previous convertible bond default.








IOWA Economic Development id2073

Trachte_id2056
Latest Top Stories

More Investors Entering Tax Equity Market; Returns Holding Steady

The entry of new tax equity investors to the wind space last year re-ignited an old debate.


Report: Top 10 Turbine OEMs Had Record Year In 2014

Preliminary findings suggest Vestas reigned supreme again among the world's leading wind turbine makers. How did some of the other OEMs fare?


AWEA's Gramlich To FERC: Additional Transmission Needed Regardless Of Clean Power Plan

To further build a more balanced and reliable electricity portfolio, the U.S. needs to build more transmission capacity.


Getting A Grip On Grinding Gearboxes: Why Such Events Need Not Be Showstoppers

Despite advances in gearbox reliability - namely, from condition monitoring systems and greater design standardization - challenges remain.


How Wind Energy Can Meet EPA Clean Power Plan Requirements

According to the American Wind Energy Association, wind power is a cost-effective solution for complying with the environmental effort.

Hybrid Energy Innovations 2015