Saudi Arabian energy company Alfanar has acquired wind turbine manufacturer Senvion India from Senvion, marking its entry into India’s energy market.
The deal was executed by Global Renewable Energy Development Holding Company (GREDHCL), a dedicated investment vehicle created by Alfanar promoters.
GREDHCL managing director and Alfanar Energy and Renewable business president Jamal Wadi said: “Alfanar’s investment in Senvion India is a start towards the goal to be a major player in the 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 and commitment to Senvion’s experienced leadership team, we will significantly contribute to India’s goal of sustainable power generation and ‘Make In India’ initiative.”
The acquisition of Senvion India is intended to strengthen Alfanar’s position in the country and support its growth in the multi-dimensional end-to-end competitive solutions in the fields of renewable energy and grid transmission.
The deal will also allow Senvion India to offer full engineering, procurement and construction (EPC) operation and maintenance solutions for wind power projects in India.
Senvion India CEO and managing director Amit Kansal said: “Senvion India is a fully operational wind power original equipment manufacturer (OEM) in India.
“Now with Alfanar, we are very confident to scale up operations to meet the Indian government’s ambitious goals [for] 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 has already localised 85% of its turbines in India and created more than 2,000 direct and indirect jobs.”
In May, Alfanar submitted a bid to Saudi Arabia’s Energy Ministry for two 200MW category A projects under round three of the government’s National Renewable Energy Programme (NREP).