Insolvent wind turbine OEM Senvion has agreed the sale of its Indian operation to an unnamed international conglomerate.
Senvion India, including its factories, employees and installed service base, will pass to the buyer under the deal, which the German parent group hopes to finalise by June.
The agreement is with a “worldwide industrial conglomerate with strong EPC capabilities”, said a statement from Senvion. It is now in a “final closure stage” with the buyer.
The Indian business was ring-fenced as an independent entity last year, as the Senvion group entered the insolvency process that eventually saw its key European assets sold to Siemens Gamesa.
Senvion India runs a nacelle factory with a 1GW production capacity. As part of the sale agreement, the German parent said it has signed over relevant intellectual property and “knowhow” to the Indian operation.
“This is a positive outcome for our Indian entity to find a safe harbour and continue to serve one of the largest renewable energy markets,” said the statement.
The identity of the buyer remains under wraps at this stage. When Siemens Gamesa in October 2019 announced the deal to buy Senvion’s European assets and was asked by Recharge why it had not included India, CEO Markus Tacke said: "We are established there (in India) with a known footprint.
“We feel very confident and strong about our capabilities in India, so we are focusing on the area, where Senvion has been specifically strong, which is on Europe."
Senvion is one of a clutch of domestic and international turbine OEMs serving the Indian market, where installations have lagged the country’s roughly 10GW of production capacity.