Senvion has agreed the sale of its Indian subsidiary to an unknown investor.
The insolvent wind turbine manufacturer said it expects the deal, subject to regulatory approvals, to be closed before June, but has not revealed the buyer’s identity.
The company said it had entered into a binding agreement to transfer the fully operational Senvion India entity, which was separated last year to manufacture, supply and operate Senvion turbines. The company says the transfer will include all Indian assets including current ongoing projects and IP.
Senvion India CEO and MD Amit Kansal said the announcement was a “significant milestone” as they had now “found a strategic investor who is interested to continue servicing the large Indian renewable market.”
He added: “Senvion India makes 85% of its turbines in India and has created over 1000 jobs directly and indirectly.
“We will continue to provide world class wind energy solutions to projects in India. Looking ahead to the weeks to come, the management team will continue to put all efforts in concluding the transaction at the earliest.”
“Senvion India continues to service its installed base and deliver its project while we close this transaction.”
Dr Thorsten Bieg, a partner at legal firm GÖRG who joined the management board of Senvion GmbH as a restructuring expert said it was a positive outcome, adding: “As announced earlier Senvion India is a fully independent entity of Senvion GmbH. Now we have also signed legally binding agreements to transfer the relevant Intellectual Property and knowhow to Senvion India, which will be effective upon the closure.”
Siemens Gamesa completed the acquisition of Senvion’s European service assets and IP at the start of this year, covering approximately 9GW of serviced fleet. Senvion filed for bankruptcy last April.