Suzlon, based in Pune, India, was selected to develop the project in the first round of renewable energy auctions held by the African nation in 2011, it said in a statement to stock exchanges today.
The company, which said its lead bankers for the project include The Standard Bank of South Africa Ltd. and Nedbank Ltd., didn’t give information about the project’s value. It plans to generate 2,000 megawatts of power in the country within five years, Silas Zimu, chief executive officer of Suzlon’s South African unit said in April.
Suzlon shares rose as much as 8.2 percent to 26.55 rupees and traded at 25.60 rupees as of 12:19 p.m. in Mumbai today. The stock, which has gained 37 percent this year, fell to 14.95 rupees on Aug. 29, the lowest since its 2005 listing.
The wind energy company’s lenders last week approved a 95- billion rupee ($1.78 billion) debt restructuring plan, which will help bring down its debt repayment costs. Suzlon on Oct. 11 failed to pay $209 million, the biggest convertible note default by an Indian company.
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