Senvion has entered into an agreement to sell its operations in India to Dubai-based fund Global Renewable Energy Development Company for an undisclosed price.
The insolvent German company said it had ring-fenced Senvion India from its self-administration process.
It added that the transaction envisages the transfer and ownership of Senvion India along with all assets, such as factory, installed base of operations and maintenance and current ongoing projects.
The deal, which is subject to regulatory approvals, also covers intellectual property rights relevant to the Indian market and a 300-plus team.
It is expected to close in the first quarter of 2021.
EY is financial advisor to Global Renewable Energy Development Company, with Rothchild & Co performing the same role for Senvion.
Senvion India chief executive Amit Kansal said: “Senvion India has been a key participant in the Indian renewable space since its inception in 2016.
“Senvion aligned itself to the government goals of localisation and make-in-India at a very early stage and now makes more than 85% if its turbine parts in India thus generating local employment and innovations.
“Senvion India is committed to relentlessly work to develop innovative technologies to attain the goals of delivering competitive wind power.”