Companies

GREDHCL to acquire India assets of Senvion

Our Bureau Hyderabad | Updated on December 04, 2020 Published on December 04, 2020

The transaction envisages the transfer of complete ownership of Senvion India along with factory, installed base of O&M and current ongoing projects, intellectual property rights

GREDHCL (Global Renewable Energy Development Holding Company Limited), a fund based out of the Dubai International Financial Centre, has entered into an agreement with Senvion GmbH for the acquisition of the latter’s Indian operations (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 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.

The transaction is subject to regulatory approvals and the sale is proposed to close in the first quarter of 2021.

Amit Kansal, CEO and MD of Senvion India, in a statement 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 per cent 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 450GW of renewable power by 2030. Senvion India is committed to work to develop innovative technologies to attain the goals of delivering competitive wind power.”

EY acted as financial advisor to GREDHCL and Rothschild & Co acts as financial advisors to Senvion GmbH in this transaction.

GREDHCL owns and manages multiple businesses in MENA, Europe, the UK and Asia in the field of electrical manufacturing, project management & development and O&M services.

Senvion recently installed its 130 m rotor turbine which is one of the finest technology for Indian wind regime. Senvion also has a world class R&D centre in India which will continue to develop new technologies for the market and its customers.

Senvion India, part of the German company Senvion GmbH. Senvion GmbH had turned insolvent in April last year and its global assets were later taken over by Siemens Gamesa, another wind turbine major. The Indian arm of Senvion was left out as Siemens Gamesa has large operations in India and, therefore, did not require Senvion India. Thereafter, it became an independent entity. On April 6, Senvion GmbH announced that it had entered into an agreement with a strategic investor to sell and transfer its fully operational Indian entity.”

Senvion India manufactures wind turbines of nominal capacity of 2.3 MW. In 2016, it took over the manufacturing facilities of Kenersys (of the Baba Kalyani group). The plant, located at Baramati, near Pune, has capacity to produce 250 MW a year.

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Published on December 04, 2020
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