Centerbridge completes Senvion purchase

GERMANY: US private equity firm Centerbridge Partners has completed the acquisition of manufacturer Senvion from Suzlon Group.

Senvion is now owned by Centrebridge Partners

The €1 billion deal was first agreed in January, and includes a future earn-out clause of up to €50 million. Centerbridge is a New York-based private equity firm, founded in 2005.

Following the acquisition, Senvion headquarters will remain in Hamburg, Germany. Senvion CEO, Andreas Nauen, said: "Together, we will take even greater advantage of our potential in the wind energy market.

"We will continue to expand our onshore market share, both in our top five markets of Germany, the UK, Australia, Canada and France and in other target markets and will also cement our strong position in the offshore market."

The deal includes Senvion licensing its offshore technology to Suzlon for the Indian market.

In return, according to Suzlon, Senvion will get the license for the Suzlon S111 turbine for the US market. However, a Senvion spokesperson said this license was "still under negotiations" and not yet agreed.

Suzlon acquired Senvion, or Repower as it was then known, in 2007 after a four-month battle with Areva. It acquired 60% of the company, which rose to 92% in 2009 and 100% in 2011.