German wind turbine maker Senvion GmbH has completed the sale of its Indian wind turbine manufacturing entity, Senvion India, to Global Renewable Energy Development Holding Company Ltd (GREDHCL), a fund based out of the Dubai International Financial Centre.
December 04, 2020. By Manu Tayal
However, the company didn’t disclose the sale transaction amount.
Senvion’s India business has been comprised of wind original equipment manufacturing (OEM), wind turbine generator (WTG) manufacturing, engineering, procurement and construction (EPC) solutions with project development, operations & maintenance (O&M) and asset management, from its self-administration process.
Under contractual agreements signed, German wind turbine manufacturer has transferred complete ownership of Senvion India along with all assets such as factory, installed base of O&M and current ongoing projects, intellectual property rights relevant for the Indian market and its strong 300+ team size.
Although, the acquisition is subject to regulatory approvals, and the sale is expected to be closed during the first quarter of 2021.
Commenting on the sale transaction, Amit Kansal, CEO and MD of Senvion India, said that, “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 localization 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 relentlessly work to develop innovative technologies to attain the goals of delivering competitive wind power.”
In this transaction, EY and Rothschild & Co has been acting as financial advisors for GREDHCL and Senvion GmbH respectively.
Earlier in April this year, Senvion GmbH, which is a specialist in the offshore business, had entered into a binding agreement to sell and transfer full ownership of Senvion India.
However, the company didn’t disclose the name of the investor at that time but hinted that it is a world-wide industrial conglomerate with strong EPC capabilities.
In April 2019, Senvion GmbH turned insolvent and its global assets were taken over by Siemens Gamesa. However, Senvion India was left out as Siemens Gamesa itself has significant operations in India and therefore it didn’t want to acquire Senvion’s India business.
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