The acquisition was made through Global Renewable Energy Development Holding Company Limited (GREDHCL), an investment vehicle set up by promoters of Alfanar.
In April 2020, Senvion GmbH had announced that it had entered into a binding agreement with a strategic investor to sell and transfer its fully operational Indian entity. However, Senvion has not disclosed further details or the name of the investor except that the company is a global industrial conglomerate with a strong engineering, procurement, and construction (EPC) capabilities.
In December 2020, Senvion GmbH said it had entered into contractual agreements to sell its Indian operations to GREDHCL. The company said it had signed contractual agreements to sell 100% of Senvion India and that it would transfer complete ownership of the company along with all its assets.
The acquisition is expected to strengthen Alfanar’s competitive position in India, allowing it to grow its end-to-end competitive solutions in the field of renewable energy and grid transmission. The deal will also power Senvion India to continue operating as a full-fledged OEM in the Indian market.
Senvion India will continue to provide full EPC and operations and maintenance (O&M) solutions for wind power projects to its Indian customers.
Managing Director of GREDHCL and President of Alfanar’s Energy & Renewable business Jamal Wadi, said, “Alfanar’s investment in Senvion India is a start towards becoming a major player in the Indian energy sector through its services in the fields of renewable energy and grid substations. India is a very strategic market for Alfanar, and we are certain that with Alfanar’s support and commitment to Senvion’s experienced leadership team, we will significantly contribute to India’s goal of sustainable power generation and ‘Make In India’ initiative.”
Stating that Senvion would continue introducing new technologies in turbines and O&M space and push localization to achieve Make-in-India goals, the CEO and MD of Senvion India, Amit Kansal, said, “Senvion India is a fully operational wind power OEM in India. Now with Alfanar, we are very confident to scale up the operations to meet the ambitious goals of the Indian government towards renewable energy. Senvion has already localized 85% of its turbine in India and has created over 2,000 direct and indirect jobs. Senvion will continue its world-class innovations by introducing new technologies in turbines and O&M space and also push localization to a higher level to achieve Make-in-India goals.”
Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. More articles from Rahul Nair.