Suzlon partners with REC Limited for non-fund based working capital lines
Bengaluru, 20th December 2023: Suzlon Group, India’s largest renewable energy solutions provider, today announced the execution of definitive documents for securing working capital facilities with REC Limited. Suzlon will utilize this facility to meet working capital requirements for the execution of its current order book and future order pipeline.
This will enable the Company to ensure a faster ramp-up of its operations and improve the utilization of its installed capacities. Challenges in securing working capital for the last few years were a major constraint in increasing volumes and order book expansion. The current facility sanctioned by REC is a testament of the Company’s improved financial strength.
Himanshu Mody, Chief Financial Officer, Suzlon Group said, “We are delighted to partner again with REC Limited, one of India’s finest financial institutions with a deep understanding of power and renewable energy sectors. REC has a clear vision to support India’s ambitious renewable energy targets and has supported the Company’s initiatives in the past through debt refinancing, helping us become debt free. The current facility is non-fund based, which will primarily be off-balance sheet keeping us debt-free while significantly improving commercial terms with our customer and suppliers. This facility is rolling in nature and will allow the Company to execute current and future orders from its marquee customers.”Top of Form