Saudi Arabia’s Alfanar to Invest USD 100 Million in India’s Senvion

Saudi Arabia-based Alfanar Group will invest USD 100 million in its Indian wind turbine manufacturing subsidiary Senvion to support product development and accelerate its global expansion.

Senvion said the first tranche of USD 34 million was released in September, while the remaining amount is expected to be transferred within the next few weeks, according to Arabian Gulf Business Insight.

The investment will support Senvion’s long term product roadmap, international expansion and project pipeline. Alfanar acquired Senvion in 2021 from Germany’s Senvion GmbH and has since positioned the Indian wind turbine manufacturer as part of its renewable energy strategy.

“India is central to Alfanar Group’s renewable energy strategy and Senvion is a key part of our long term vision for wind energy,” said Jamal Wadi, chairman of Senvion and president of Alfanar Projects.

Senvion currently has an annual manufacturing capacity of 1.5 GW, while its operational fleet has exceeded 1.6 GW. The fresh capital is expected to strengthen its ability to develop new turbine technologies and pursue opportunities in Indian and international markets.

The investment comes as India’s wind energy sector continues to expand. The country’s installed wind power capacity has crossed 58 GW, compared with around 21 GW in 2014, according to the Ministry of New and Renewable Energy.

India is targeting 500 GW of installed non fossil electricity capacity by 2030, creating opportunities for renewable energy equipment manufacturers.

Saudi Arabia is also expanding its renewable energy ambitions under Vision 2030. Its renewable energy capacity reached 12.3 GW last year, although this remains below one tenth of its target of 130 GW by 2030.