Senvion has signed a binding €100m loan agreement with its lenders and main bond holders to allow the German turbine manufacturer to continue business operations following last week’s self-administration filing.
In a statement, Senvion said the €100m debtor-in-possession (DIP) facility has “received board approvals and allows substantial drawings already this week, thus enabling the company to stabilize its business operations and provide funds to its non-insolvent subsidiaries.”
Senvion confirmed it will stay in the self-administration proceedings it entered on 9 April.
The “super-senior secured DIP facility” with a tenure of 12 months will provide Senvion the financial means to proceed with the transformation process initiated at the beginning of this year, it added.
“We would like to thank both our lenders and main bond holders for their support in agreeing to provide us with a DIP facility that will enable us to continue our operations,” said chief executive Yves Rannou.
“This is particularly helpful since we managed to significantly ramp up our installations in Q1. So, this is encouraging news for all of us and of course for our transformation process.”
Senvion has installed 366MW worldwide in the first quarter of 2019, more than twice as much than in the same period last year.
Deployments included 120MW in Chile and Argentina and nearly 110MW in Australia, it said. Senvion also built and installed its first turbine in India.
At the end of first quarter 2019, Senvion’s total installed capacity under service amounted to 14.1GW.
Senvion maintains close to 80% of its installed capacity, with an order book of around €2.8bn.