Senvion Enters Agreement to Sell 100% of its Indian Operations

By Ayush Verma/ Updated On Fri, Dec 4th, 2020

Senvion GmbH has entered into contractual agreements for the sale of 100 percent of its Indian operations i.e. Senvion India

Senvion GmbH has announced that it has entered into contractual agreements for the sale of 100 percent of its Indian operations i.e. Senvion India on December 1, 2020. Senvion had previously ring-fenced the Senvion India business, which is a full-fledged Wind OEM and in the business of WTG manufacturing, turnkey EPC solutions with project development, O&M and Asset Management, from its self-administration process.

The acquiring entity, GREDHCL (Global Renewable Energy Development Holding Company Limited) is a fund based out of the Dubai International Financial Centre. They own and manage multiple businesses in MENA, Europe, the UK, and Asia in the field of electrical manufacturing, project management and development and O&M services.

Subject to regulatory approvals, the sale is proposed to close in Q1-2021. EY is acting as financial advisor to GREDHCL and Rothschild & Co acts as financial advisors to Senvion GmbH in this transaction.

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The transaction envisages the transfer of complete ownership of Senvion India along with all assets such as the factory, installed base of O&M and current ongoing projects, intellectual property rights relevant for the Indian market and its strong 300+ team size.

Amit Kansal, CEO and MD of Senvion India, said “Senvion India has been a key participant in the Indian Renewable space since its inception in 2016. Senvion aligned itself to the government goals of localisation and Make-in-India at a very early stage and now makes more than 85 percent of its turbine parts in India thus generating local employment and innovations. Senvion firmly believes that Wind Power generation is critical in the energy mix to achieve the 450 GW of renewable power by 2030. Senvion India is committed to relentlessly work to develop innovative technologies to attain the goals of delivering competitive wind power.”

Senvion India has been operational since 2016 and has a fully operational factory in India. It has localised its turbines upto 85 percent thus creating Indian jobs and opportunities to ancillary industry related to wind power. It recently installed its 130-meter rotor turbine which is one of the finest technology for the Indian wind regime. The firm also has a world-class R&D center in India which will continue to develop new technologies for the market and its customers.