Saudi Arabia-based Alfanar announced 100% acquisition of wind turbine maker Senvion India from German firm Senvion GmbH. The financial details of the deal were not disclosed. Senvion GmbH had said in April, 2020 that it has entered into a binding agreement with “a strategic investor” to sell its Indian unit, which currently has a 500 mega-watt (MW) manufacturing capacity.
“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 sub-stations,” Jamal Wadi, president of Alfanar’s energy and renewable business said.
Alfanar has commissioned a 300 MW wind project in Gujarat that was awarded under the third tranche of the SECI auctions. It is also executing another 300 MW of wind project in Gujarat that was awarded under SECI (Solar Energy Corporation of India) fifth tranche.
Senvion GmbH had filed for bankruptcy in Germany in April 2019 and had undergone a financial restructuring as per German laws. “It was necessary to find a safe harbour for Senvion India, which was doing very well otherwise,” the company had said in 2020.
Senvion was the German arm of Suzlon till FY14, before it was sold to a private equity consortium in FY15 at about Rs 7,000 crore. Senvion India has been operational since 2016. “Now with Alfanar, we are very confident to scale-up the operations to meet the ambitious goals of the Indian government towards renewable energy,” Amit Kansal, CEO of Senvion India said.