Wind Turbine Maker Senvion Sells India Business
Months after German wind turbine maker Senvion announced the sale of some assets to competitor Siemens Gamesa, it has found a strategic investor for one of its subsidiaries as well.
Indian business dailies have reported that Senvion India Private Limited will be sold off to a strategic investor. The investor, however, has not been named. It is also unknown if the investor is Indian or foreign. The announcement marks yet another milestone in Senvion’s journey that has seen the company change hands several times.
Senvion filed for bankruptcy in Germany last year and entered an agreement with its lenders to sell off several assets. Before it initiated the asset sale, however, it separated out the Indian business, making it a standalone business. India’s low cost manufacturing and significant onshore as well as offshore untapped potential promoted this decision by Senvion management.
Senvion is among the most recent entrants in the Indian wind energy market which as been dominated by the likes of Suzlon Energy and Siemens Gamesa. Senvion acquired a small wind energy manufacturer in India in 2016. In 2018, the company secured a 300 megawatt order for an onshore project by Alfanar.
Senvion has long been the target of merger and acquisitions. In 2007, when it was known as REpower Systems, it was acquired by Indian wind energy company Suzlon Energy. In 2016, Suzlon Energy sold off the company to US-based investment firm Centerbridge Partners.
After running into financial trouble, Senvion finally filed for bankruptcy in 2019 and offered to sell several assets to competitors and investors. Interested companies included Siemens Gamesa, Toshiba, and Blackstone. Finally, 9 gigawatts of serviced fleet was sold to Siemens Gamesa in January 2020. A blade manufacturing facility in Portugal was also sold as part of this deal.
The sale of European assets as well as investment in its Indian business could not have come at a better time for Senvion as even the large wind energy companies like Siemens Gamesa and Vestas are now uncertain of growth across the world.
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