in News Departments > New & Noteworthy
print the content item

AE-Rotor Holding BV - a wholly owned, indirect subsidiary of Suzlon Energy Ltd., a wind turbine manufacturer - has agreed to sell 67,010,421 shares (10% equity) in Hansen Transmissions International NV, a global gearbox designer, manufacturer and supplier, to funds managed by Ecofin Ltd.

Following completion of the acquisition, Ecofin will have a voting and economic interest in Hansen of approximately 11.62%. Ecofin will not dispose of the shares acquired from Suzlon until after June 30, 2009. The lock-up is renounceable in certain circumstances. Following this disposal, the Suzlon Group will retain a voting and economic interest in Hansen of approximately 61.28%.

The terms of the relationship agreement entered into between Hansen and Suzlon give Suzlon the right to appoint two non-executive directors to Hansen's board for so long as Suzlon's shareholding in Hansen is a minimum of 26%. Suzlon has granted Ecofin the right to nominate one such director for so long as Ecofin's shareholding in Hansen is a minimum of 8%.

Ecofin has indicated that it does not currently intend to exercise this right. This right is renounceable at Ecofin's option within three months following completion, in consideration for the release of the lock-up obligation in respect of the shares acquired by Ecofin. According to Suzlon, the company remains a committed, long-term strategic investor in Hansen.

SOURCE: Suzlon Energy Ltd.


Trachte Inc._id1770
Latest Top Stories

Federal Appeals Court Finds Obama's Wind Farm Decision Unconstitutional

A federal appeals court ruled that the U.S. government violated the constitutional rights of Chinese-owned Ralls Corp. when ordering the divestment of four Oregon wind farms.


Renewables Make Up Over 50% Of New U.S. Power In First Half Of 2014

According to a recent government report, renewable energy sources, such as wind and solar, continue to dominate new electric generating capacity.


Suzlon Facility Lends Key Assist In Developing 'The Wind Technicians Of Tomorrow'

The turbine manufacturer’s Elgin, Ill.-based training facility is the culmination of a program that puts a new twist on a proven method of instruction.


Having Their Say: CanWEA Clarifies True Source Of Canadian Wind Success

The Canadian Wind Energy Association (CanWEA) takes issue with a recent report summary regarding various renewable energy policies in North America.


FWS Issues Landmark Eagle Take Permit: What Does It Mean For Wind Projects?

The U.S. Fish and Wildlife Service's (FWS) recent decision has far-ranging implications for operating wind farms, as well as for those under development.

Canwea_id1984
Renewable NRG_id1934
Navigant_id1983