Indian wind turbine maker Suzlon Energy is working with international banks to raise between $300 million and $500 million in overseas bonds to repay debts due this year, its group chief financial officer said. The world’s fifth-largest wind manufacturer by cumulative installed capacity, Suzlon needs to repay foreign currency convertible bonds of $360 million in June and $207 million in October. However, one analyst cast doubt on the bond plan’s chances of success. “The fundraising looks really difficult,” said Deep Mukherjee, director at Fitch Ratings in Mumbai. “Investor appetite for high-yield bonds from emerging markets is dwindling and business prospects in the short term for the renewable energy sector look not so rosy, as they depend largely on spending by European governments, which are under stress.” suzlon finance chief Kirti Vagadia told Reuters by telephone on Friday that high-yield bonds would be raised in time to repay the debt, without giving a timeline or naming the banks the company was working with. The company, which owns Germany-based REpower, will leverage cash flows and assets from its international business to raise fresh debt, said Vagadia, who is CFO at the company and group level. The bonds would probably need to pay a coupon in the low to mid double-digit range t o attract investors, according to two d e bt capital market bankers who declined to be identified. Luxury car maker Jaguar Land Rover, owned by India’s Tata Motors, paid an 8.125 per cent coupon in a 500 million pound ($809 million) b o nd issue last month. Suzlon’s foreign currency bonds maturing this year have conversion prices of 76.68 rupees and 97.26 rupees per share. This is far above the current price, making them unattractive for bondholders to convert into shares.