Suzlon Energy Ltd has said that it has successfully concluded the transaction to divest a block of its wind farm assets and has received the sale proceeds.

In a communication to the stock exchanges, the company, referring to its earlier announcement on April 4 that it was divesting part of its wind farm assets to raise $40 million, said that the transaction has “since successfully concluded and the company has received the sale proceeds’’.

However, the company did not disclose the identity of the buyers.

In April, Suzlon said that it was planning to sell a block of wind farm assets for approximately $40 million (Rs 200 crore at the then exchange rate). These farms were located across the country with most of them located in Tamil Nadu.

The company had described the sale as a “modest-but important-step forward’’ in its strategy to optimise its capital structure and meet its repayment obligation this year.

Source - Suzlon

(www.steelguru.com)