Senvion had recently announced the sale of some assets to competitor Siemens Gamesa, it has now found a strategic investor for one of its subsidiaries as well. The 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 management. 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 this company as even the large wind energy companies like Siemens Gamesa and Vestas are now uncertain of growth across the world.
Reference-CNBC, Senvion website & PR, Clean Technica