Saudi Arabia-based Alfanar has completed 100 per cent acquisition of wind turbine maker Senvion India for an undisclosed sum.
New Delhi : Saudi Arabia-based Alfanar has completed 100 per cent acquisition of wind turbine maker Senvion India for an undisclosed sum.
“Alfanar has today announced its entry into Indian energy sector through 100 per cent acquisition of wind turbine OEM (original equipment manufacturers) Senvion India from Senvion GmbH,” a Senvion statement said.
This is a transformational deal for Alfanar which will strengthen its competitive position in India to grow its multi-dimensional end-to-end competitive solutions in the field of renewable energy and grid transmission, along with powering Senvion India to continue to operate as a full-fledged OEM in the Indian market, it added.
Through this acquisition, Senvion India will provide full EPC (engineering, procurement and construction) and O&M (operations and maintenance) solutions for wind power projects to customers in India.
The acquisition was made through Global Renewable Energy Development Holding Company Ltd (GREDHCL), a dedicated investment vehicle set up by promoters of Alfanar.
Jamal Wadi, MD of GREDHCL and President of Alfanar’s Energy & Renewable business, said, “Alfanar’s investment in Senvion India is a start towards the goal to be a major player in Indian energy sector through its services in the fields of renewable energy and grid substations.”
“India is a very strategic market for Alfanar, and we are certain that with Alfanar’s support and commitment to Senvion’s experienced leadership team, we will significantly contribute to India’s goal of sustainable power generation and ‘Make In India’ initiative,” he added.
Amit Kansal, CEO and MD of Senvion India, said, “Senvion India is a fully operational Wind Power OEM in India. Now with Alfanar,
we are very confident to scale-up the operations to meet the ambitious goals of the Indian government towards renewable energy.”
“This decade is critical for India to improve its percentage of Renewable energy on the grid and Senvion will play a key role in achieving this goal,” he added.
In India, Alfanar Global Development has commissioned a 300 MW wind project in Gujarat. It is also executing another 300 MW wind project in the state.
EY acted as the exclusive M&A advisor to Alfanar on this deal.
Senvion India has been operational since 2016 and has a fully operation factory in India. Senvion also has a world class R&D
centre in India which will continue to develop new technologies for the market and its customers.