Caught in headwinds
In on our global wind update, we cut our medium-term global wind installation forecast largely driven by the regulatory uncertainty in southern Europe and the US. In view of this cut and a likely tightening in the project finance market on the back of a weak macro environment, we expect some delays in turbine off-take by developers, especially for Repower.
We therefore cut our short- to medium-term volume sales forecasts for Suzlon group in spite of a relatively strong order book. However we note that this volume decline is compensated by a higher EUR/INR rate especially for FY12 and FY13. We have also adjusted our interest rate assumptions to factor the increase in interest rates in India over the past few months, which was also reflected in the companyís performance in the last quarter. For FY12, our revised forecast also
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