Suzlon Engages Marathon Capital to Advance Equipment Financing Solutions
Chicago, Illinois (December 20, 2009) – Suzlon Wind Energy Corp., the North American subsidiary of Suzlon Energy Limited (SEL) - the world's third largest wind turbine group, with 12.3 per cent of global market share* - announced its engagement of Marathon Capital, a renewable energy focused investment bank, for the purpose of expanding our dialogue with the financial community. In this process Marathon will work closely with Suzlon and the financial community to explore and identify innovative solutions in furtherance of wind turbine and associated financing strategies. Existing financing structures often limit the financing options of a wind farm project sponsor and, as a result, limit development.
"Suzlon views this endeavor as an opportunity to innovate and identify opportunities," said Andris Cukurs, CEO of Suzlon Wind Energy Corp. "Our wind turbine customers appreciate an exceptional level of customer service. This endeavor is directed to resolving the bankability issue faced by most wind development firms and enhancing our customer service commitment."
Ted Brandt, CEO of Marathon Capital noted: "Wind power is the major contributor to renewable energy generation. Suzlon represents an organization with an ongoing commitment to its product and customers. This is an industry where few participants can support financing based on their balance sheet. We believe there are significant opportunities on the horizon for the U.S. wind market which will extend to the financial community and the availability of innovative financial structures."
The American Recovery and Reinvestment Act of 2009 provides as Investment Tax Credit for installed turbines. This government program coupled with ongoing improvements in turbine performance will cause a review of current financing structures and bring about opportunities for innovation in the financial community.
About Marathon Capital, LLC
Established in 1999, Marathon Capital is an experienced investment banking firm focused on the global energy and infrastructure markets. Marathon is headquartered in Bannockburn, Illinois and its web site is http://www.marathon-cap.com
About Suzlon Wind Energy Corporation
Suzlon Wind Energy Corporation focuses on the North American market and is a subsidiary of Suzlon Energy Limited, India. The headquarters for North America is based in Chicago, Illinois. Sales and service offices are located throughout the U.S.
About Suzlon Energy Limited
Suzlon ranked as the world's third* leading wind turbine supplier in terms of market share in 2008. Suzlon
has ranked as the leading manufacturer in the Indian market for ten consecutive years, maintaining over 50
per cent market share. Suzlon has its corporate offices in Pune, India and the company's global spread is
reflected in its projects and markets portfolio - extending across Asia, Australia, Europe and North and South America. Suzlon is a highly vertically integrated wind turbine manufacturer with manufacturing capability along the full value chain – from components to complete wind turbine systems. For more information on Suzlon, please visit:
NOTES: * Suzlon and REpower, taken together, stand as the world's third leading wind turbine supplier group in terms of market share. Market share of 12.3 per cent is derived from BTM Consult ApS World Market Update 2008, ranking Suzlon with 9 per cent of global market share and REpower with 3.3 per cent of global market share.