Germany

Germany

Senvion recovery continues as backlog clears

The troubled German turbine maker installed 546MW of new turbines in the first half of the year, up from 289MW a year ago when stalled project execution was hampering finances.

Senvion installed a 3.6MW turbine at its blade manufacturing facility in Portugal
Senvion installed a 3.6MW turbine at its blade manufacturing facility in Portugal

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The 89% growth in new installations was based mainly in Latin America and Australia, the firm said.

In early June, Senvion reported it had installed 475MW in the first five months of the year, meaning a further 71MW has been added in the last month.

It is believed Senvion is currently in discussions with interested parties about finding an investor, or possibly a buyer.

The company’s CEO, Yves Rannou, asked financial adviser Rothschild to find third-party investment, according to a report from news agency Reuters

Senvion entered a "self-administration" process in April, after making "operational mistakes" that had created a cash-flow crisis for the company.

It secured a €100 million loan from existing lenders, enabling the company to continue operations and enact its restructuring plan as it navigates the administration process.

Senvion also announced the installation of a 3.6MW turbine at its blade manufacturing facility in Portugal to provide itself with power. It also installed its first 2.3M130 turbine in Gujarat, India, in May.

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