Just over a year after it was sold to an equity investment firm, Senvion is set to enter the wind energy market in India.
Europe-based Senvion has announced plans to start operations in India soon. According to a statement released by the company, it will offer “high-quality wind energy solutions for Indian wind sites.” While Senvion is largely known for its services in the offshore wind energy sector, the company has not explicitly mentioned about any specific technologies that it might offer in the Indian market.
Senvion has hired the former Commercial Country Manager at Vestas India to lead its operations in India.
Suzlon Energy, one of the leading wind energy solutions providers in India, sold Senvion last year to US-based equity fund Centerbridge Partners. Suzlon had acquired the company in March 2007 for €1.4 billion and had to sell it at €1 billion due to increasing strain in the former’s balance sheet.
Senvion may very well have to compete with the well-established Suzlon which is also staging a comeback after improvement in finance performance and expansion into India’s solar power market.
An area where Senvion can excel significantly is the completely untapped offshore wind energy market in India. None of the Indian or foreign wind energy companies have executed an offshore wind energy project in the country. Suzlon Energy is currently working to set up a 300 MW offshore wind energy project in the western state of Gujarat. The Ministry of New & Renewable Energy is also planning to set up a pilot project in the state.
Interestingly, according to media reports, Suzlon Energy is believed to have acquired some technological know-how about the offshore wind energy projects from Senvion before it was sold last year.
Senvion has also announced that it will float an initial public offer in the first half of this year.
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