SEOB announces exit from the Brazilian market

Pune, India: Suzlon Energy Ltd (Company) announces the filing of voluntary liquidation of its Brazilian subsidiary Suzlon Energia Eólica do Brasil Ltda. (SEOB).

SEOB was established to manage business opportunities in Brazil in 2006.

SEOB has taken this decision after carefully considering all options and as a consequence of multiple factors that are unique to Brazil.

Commenting on the announcement, the company spokesperson said, “We believe that this is a responsible decision for the benefit of long-term sustainability of the Company and its shareholders.

The decision does not, in any way, alter Suzlon’s global operations strategy.

About Suzlon Group:

The Suzlon Group is one of the leading renewable energy solutions providers in the world with an international presence across 18 countries in Asia, Australia, Europe, Africa and North and South America. With over two decades of operational track record, the Group has a cumulative installation of approximately 17 GW of wind energy capacity over 8,500 employees with diverse nationalities and world-class manufacturing facilities. Suzlon is the only Indian wind energy company with a large in-house Research and Development (R&D) set-up in Germany, the Netherlands, Denmark and India. Over 11 GW of the Group’s installation is in India, which makes up for ~35% of the country’s wind installations, making Suzlon the largest player in this sector. The company has recently forayed into the solar space. The Group, headquartered at Suzlon One Earth in Pune, India, is comprised of Suzlon Energy Limited and its subsidiaries.