German wind turbine maker Senvion GmbH on Friday said it will sell its entire stake in its Indian arm, Senvion India, to GREDHCL (Global Renewable Energy Development Holding Company Limited). Senvion GMbH has entered into contractual agreements for the sale of 100 per cent of its Indian operations (Senvion India) on December 1, 2020, a company statement said.
The transaction envisages the transfer of complete ownership of Senvion India along with all assets such as the factory, installed base of O&M and current ongoing projects, intellectual property rights relevant for the Indian market and its strong over 300 team size.
The company, however, did not disclose the financial details of the transaction.
The acquiring entity, GREDHCL, is a fund based out of the Dubai International Financial Centre. The deal is subject to regulatory approvals.
The sale is proposed to close in Q1-2021. EY acts as financial advisor to GREDHCL and Rothschild & Co acts as financial advisors to Senvion GmbH in this transaction, it added.
According to statement, Senvion had previously ringfenced the Senvion India business, which is a full-fledged Wind OEM (original equipment manufacturer) and in the business of WTG (wind turbine) manufacturing, turnkey EPC (engineering, procurement and construction) solutions with project development, O&M (operation & maintenance) and Asset Management, from its self-administration process.
“Senvion aligned itself to the government goals of localization and Make-in-India at a very early stage and now makes more than 85 per cent of its turbine parts in India thus generating local employment and innovations,” said Amit Kansal, CEO and MD of Senvion India.
Senvion firmly believes that Wind Power generation is critical in the energy mix to achieve the 450GW of renewable power by 2030, he said.
Senvion India is committed to relentlessly work to develop innovative technologies to attain the goals of delivering competitive wind power, he added.
Senvion India has been operational since 2016 and has a fully operational factory in India.
