Suzlon Energy increases stake in REpower

NEW DELHI, Dec. 31 (UPI) -- India's Suzlon announced it has increased its stake in Germany's REpower Systems.

Suzlon now has 73.71 percent of the German wind turbine company, compared to a 22.4 percent stake owned by Portugal's Martifer, India's Business Standard reported.

Suzlon previously tabled its stake purchasing plans but then found funding. Suzlon canceled plans to set up a wind tower manufacturing plant in order to reduce its capital expenditures.

The acquisition of the majority in REpower is part of Suzlon's deal with French firm Areva and Martifer.

Suzlon and Martifer already have reached an agreement on a payment schedule for the takeover.

Suzlon also is bringing in additional revenue with a recent order for 19 wind turbines worth more than $90 million.