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<p>Renewable energy company Suzlon Energy Limited has disclosed an outstanding debt of ₹127.85 billion (~$1.8 billion), according to the company’s Bombay Stock Exchange (BSE) filing.</p>
<p>The company has filed the disclosure of defaults on payment of interest, repayment of principal amount on loans from banks and financial institutions in the filing.</p>
<p>The outstanding debt towards various lenders is inclusive of interest calculated by the company up to December 31, 2019.</p>
<p>The loans were given by a consortium of 18 banks led by the State Bank of India (SBI) along with the Indian Renewable Energy Development Agency (IREDA).</p>
<p>The company took secured the loans for its subsidiaries, namely, Suzlon Global Services Limited, Suzlon Gujarat Wind Park Limited, Suzlon Generators Limited, and Suzlon Power Infrastructure Limited.</p>
<p>The company’s total default amount is to the tune of ₹72.56 billion (~$1.01 billion), where the principal amount is ₹67.17 billion (~$936.56 million) and interest is about ₹5.39 billion (~$75.13 million).</p>
<p>Mercom reached out to the company for further details, but the spokesperson chose not to comment at this juncture.</p>
<p>In November 2019, <a href="https://mercomindia.com/suzlon-net-loss-reaches-₹7-78-billion-q2-fy-2020/" target="_blank" rel="noopener noreferrer">Mercom</a> reported that Suzlon Group reported a net loss of ₹7.78 billion (~$108.6 million) in Q2 of the fiscal year 2019-20. It was up 64% from the same period last year when the net loss was ₹2.8 billion (~$39.08 billion). The pre-forex (foreign exchange) operating performance, earnings before interest, taxes, depreciation, and amortization (EBITDA) reflected a loss of ₹2.43 billion (~$33.92 million) in Q2 2020. The company had noted then that it had an annual market share of around 39% in India. It also added that as of March 31, 2019, it had a cumulative market share of about 35% and that it had approximately 12.5 GW of assets under management in the country.</p>
<p>The revenue of the company for Q1 FY20 <a href="https://mercomindia.com/suzlon-net-loss-billion-first-quarter/" target="_blank" rel="noopener noreferrer">came</a> to ₹8.33 billion (~$117 million). According to the company’s statement, it continues to witness a sectoral slowdown, owing to the prolonged industry transition to reverse auctions and policy uncertainty in a few states</p>
<p>In April 2019, Suzlon had <a href="https://mercomindia.com/suzlon-sells-solar-subsidiaries-renew/" target="_blank" rel="noopener noreferrer">announced</a> that it will sell two of its solar subsidiaries to Ostro Energy, a wholly-owned subsidiary of independent power producer, ReNew Power. The two subsidiaries are Shreyas Solarfarms Limited (Shreyas solar) and Aalok solar farms Limited (Aalok Solar).</p>
<p>&nbsp;</p>
<p>Image credit: Suzlon</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/anjana/" class="vcard author" rel="author"><span class="fn">Anjana Parikh</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Anjana2.png" width="112" height="121" />Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.</p>
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Suzlon’s Outstanding Debt Reaches ₹127.85 Billion

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