India

India

Senvion set to sell-off Indian unit

Senvion has reportedly agreed to sell its wholly-owned Indian business to an unnamed international conglomerate.

Senvion has just over 1.2GW installed in India, according to Windpower Intelligence, the research and data division of Windpower Monthly
Senvion has just over 1.2GW installed in India, according to Windpower Intelligence, the research and data division of Windpower Monthly

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The insolvent manufacturer had given full autonomy to the Indian manufacturing operations in August 2019 while the parent company explored potential takeover bids. 

According to local newspaper, the Economic Times, it has entered into a binding agreement to sell the Indian unit to an unnamed strategic investor

Windpower Monthly has contacted Senvion for more details.

The manufacturer expects the transaction to close before June 2020, pending regulatory approvals.

“This is a positive outcome for our Indian entity to find a safe harbour and continue to serve one of the largest renewable energy markets. We have started working towards an earliest closure and transfer of the Indian business unit to the new shareholders,” the Economic Times quoted Senvion board member Thorsten Bieg as saying.

Senvion has just over 1.2GW installed in India, according to Windpower Intelligence, the research and data division of Windpower Monthly.

However, Senvion took just 1% of the market last year, according to BloombergNEF, and lost 741MW of its 980MW order book to Siemens Gamesa and Inox Wind.

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