Saudi Arabian company Alfanar has announced its entry into the Indian energy sector through the 100% acquisition of wind turbine manufacturer Senvion India from Senvion GmbH.
Alfanar said the deal 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”.
Senvion India will provide full EPC and operations and maintenance solutions for wind power projects to customers in India.
The acquisition was made through Global Renewable Energy Development Holding Company Limited (GREDHCL), a dedicated investment vehicle set-up by promoters of Alfanar.
GREDHCL managing director and Alfanar energy and renewable business president Jamal Wadi said: “We are a strong believer that renewable energy is the only solution for sustainable planet and given the single digit penetration of renewable energy in the overall energy mix, we have a long way to go.
“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 & commitment to Senvion’s experienced leadership team, we will significantly contribute to India’s goal of sustainable power generation and ‘Make In India’ initiative.”
Senvion India chief executive Amit Kansal 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.
“Senvion have already localized 85% of its turbine in India and has created over 2000 direct and indirect jobs.
“Senvion will continue its world class innovations by introducing new technologies in turbines and O&M space and also push localization to higher level to achieve Make-in-India goals.”