Insolvent Senvion GmbH has closed a deal to sell its Indian operations to Global Renewable Energy Development Holding Company Ltd. (GREDHCL), a Dubai-based fund, Senvion India said.

The transaction envisages the transfer of complete ownership of Senvion India along with all assets such as a factory, installed base of O&M and current ongoing projects, intellectual property rights relevant for the Indian market and a staff with more than 300 employees.

“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% of its turbine parts in India thus generating local employment and innovations,” Senvion India chief executive Amit Kansal said.

“Senvion firmly believes that wind power generation is critical in the energy mix to achieve the 450GW of renewable power by 2030.”

Senvion earlier this year had said it had agreed to sell its Indian operation to an unnamed international conglomerate with strong EPC capabilities. It is unclear, whether GREDHCL is a vehicle for such a company. GREDHCL’s promoters own multiple businesses in MENA, Europe, the UK and Asia in the field of electrical manufacturing, project development and O&M services, Senvion India said.

Indian media in May had speculated that Saudi Arabia’s Alfanar construction group may buy Senvion India in order to supply projects in Saudi Arabia with wind turbines, but it is unclear whether it stands behind GREDHCL.

Siemens Gamesa in January 2020 had completed the acquisition of Senvion’s European service assets and intellectual property, but the deal didn’t include the Indian assets.

The sale of Senvion’s Indian operations to the Dubai-based fund (which is part of the Dubai International Financial Centre) could close in the first quarter of next year once regulatory approvals are reached, Senvion India said.