Saudi Arabian engineering and construction conglomerate Alfanar has acquired Senvion India through a dedicated investment vehicle.
Senvion had announced a deal to sell 100% of its Indian unit to Global Renewable Energy Development Holding Company Limited (GREDHCL) in December 2020.
With the deal now completed, Alfanar and Senvion have confirmed that the Saudi industrial giant had set up GREDHCL, in order to buy the turbine manufacturer’s Indian business.
Completion of the acquisition will enable Senvion India to continue to operate as a fully fledged wind turbine manufacturer again, the companies explained. It will be able to provide engineering, procurement and construction (EPC) and operations and maintenance (O&M) services again, they added.
Jamal Wadi, managing director of GREDHCL and President of Alfanar’s energy and renewables business, said: “Alfanar’s investment in Senvion India is a start towards the goal to be a major player in the Indian energy sector through its services in the fields of renewable energy and grid substations.”
German turbine manufacturer Senvion gave full autonomy to its Indian manufacturing operations in August 2019, while the parent company explored potential takeover bids as it struggled to stay afloat in an increasingly competitive sector. It eventually sold selected European assets to Siemens Gamesa and its Indian business to GREDHCL.