A transaction related to the sale of wind turbine manufacturer Senvion’s India business has been completed.
According to media reports, the Saudi Arabia-based manufacturer of power equipment Alfanar has completed the acquisition of Senvion’s India business. Alfanar completed the transaction through Global Renewable Energy Development Holding Company Limited, which had acquired Senvion India in December 2020.
Senvion has had a roller-coaster relationship with India. Senvion Group was acquired by Suzlon Energy, once India’s largest wind energy solutions provider, in 2007. The group was known as REpower Systems at that time. Suzlon was forced to sell Senvion in 2016 to a private equity investor after the former entered a financial tailspin.
In 2019, Senvion filed for bankruptcy and sold 9 gigawatts of wind energy assets to Siemens Gamesa, but separated its India business into a standalone company. The Indian company did manage to get some business, but has been unable to compete in a saturated market that has domestic players like Suzlon Energy and Inox Wind as well as foreign companies like Vestas, Siemens Gamesa, and GE.
Alfanar does not have a large presence in India, but was able to secure rights to develop 300 megawatts of wind energy projects in an auction conducted by the Solar Energy Corporation of India. This acquisition seems to suggest the Alfanar may expand its portfolio as well as offerings in the Indian wind energy market.