Senvion GmbH has entered into contractual agreements for the sale of 100% of its Indian operations (“Senvion India”) on 01 December 2020. Senvion had previously ringfenced 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 acquiring entity, GREDHCL (Global Renewable Energy Development Holding Company Limited) is a fund based out of the Dubai International Financial Centre and subject to regulatory approvals, the sale is proposed to close in Q1-2021. EY acts as financial advisor to GREDHCL and Rothschild & Co acts as financial advisors to Senvion GmbH in this transaction.
Amit Kansal, CEO and MD of Senvion India, 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 localization and Make-in-India at a very early stage and now makes more than 85% 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.”