Wind turbine maker Suzlon Group has signed an loan agreement worth Euro 850 million with a consortium of banks for funding its working capital requirements and expansion plans.
"Suzlon Group's German subsidiary Senvion SE signed an agreement for a loan of Euro 850 million (over Rs 7,000 crore) with consortium of banks for a 3 year period," the Suzlon said in a statement.
Senvion SE is a wind energy turbine manufacturer.
The mandated lead arrangers for this financing are - BayernLB, Commerzbank Aktiengesellschaft, Deutsche Bank AG, BNP Paribas Fortis SA/NV, HSBC Trinkaus & Burkhardt AG and Royal Bank of Canada.
"This enhanced facility with long tenure is of importance for the growth of the company and the oversubscription of the same with new additions to the consortium clearly reflects strong confidence of global banks in business fundamentals of the company," Marcus A Wassenberg, CFO of Senvion said.