Comments
Alfanar, a Saudi company, has announced its entry into Indian energy sector through 100 per cent acquisition of wind turbine OEM Senvion India from Senvion GmbH.
This deal strengthens Alfanar’s solutions in the renewable energy and grid transmission space along with powering Senvion India to continue to operate as a full-fledged OEM in the Indian market.
Through this acquisition, Senvion India will provide full EPC and O&M solutions for wind power projects to customers in India. The acquisition was made through Global Renewable Energy Development Holding Company (GREDHCL), a dedicated investment vehicle set-up by promoters of Alfanar.
Strategic market
Jamal Wadi, MD of GREDHCL and President of Alfanar’s Energy & Renewable business said in a statement : “We are a strong believer that renewable energy is the only solution for sustainable planet. Alfanar’s investment in Senvion India is a start towards the goal to be a major player in Indian energy sector through its services in the fields of renewable energy and grid substations. India is a very strategic market for Alfanar.”
Amit Kansal, CEO and MD of Senvion India, said: “Senvion India is a fully operational Wind Power OEM in India. Now, with Alfanar, we are very confident on scaling-up the operations to meet the ambitious goals of the Indian government towards renewable energy.”
“Senvion has localised 85 per cent of its turbines in India and has created over 2,000 direct and indirect jobs. Senvion will introduce new technologies in turbines and O&M space and also push localisation to higher level to achieve Make-in-India goals.”
With 480 MWs operational, 370 MWs under execution and 1.3 GWs under development, Alfanar is a global renewable energy developer with presence in Europe, India and the Middle East. Alfanar Global Development has commissioned 300 MW wind project in Gujarat.
EY has advised Alfanar on this deal.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.