Saudi Arabia's Alfanar wraps up acquisition of Senvion India

Saudi Arabia’s Alfanar Group has finalised the acquisition of Senvion India Pvt Ltd, a spin-off of German wind turbine maker Senvion GmbH, for an undisclosed sum.

The acquisition, unveiled by Senvion India on Thursday, was made through Global Renewable Energy Development Holding Co Ltd (GREDHCL), a Dubai-based fund set up by Alfanar’s promoters. It marks the Saudi group’s entry into the Indian energy sector.

Senvion India has been active since 2016 and 85% of the turbines it supplies are produced domestically. Apart from making wind turbines, the company provides project development, engineering, procurement and construction (EPC) and asset management services and also has a local research and development (R&D) centre. Following the transaction, it will continue to provide full EPC and operations and maintenance (O&M) solutions to its local customers.

“This is a unique and transformational deal for Alfanar which will strengthen its competitive position in India to grow its multi-dimensional end-to-end competitive solutions in the field of renewable energy and grid transmission along with powering Senvion India to continue to operate as a full-fledged OEM in the Indian market,” the companies said.

In April last year, Senvion announced a binding pact to offload its Indian manufacturing operations in a move that would facilitate its exit from the local market. After a few months, it confirmed a deal with GREDHCL to transfer the complete ownership of Senvion India, along with all turbine production assets, ongoing projects and intellectual property rights for the Indian market.

Currently, Riyadh-based Alfanar has 480 MW of wind parks in operation and 1.67 GW of projects under development in Europe, India and the Middle East.

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