Saudi Arabia-based Alfanar has completed 100 per cent acquisition of wind turbine maker Senvion India for an undisclosed sum.
“Alfanar has today announced its entry into Indian energy sector through 100 per cent acquisition of wind turbine OEM (original equipment manufacturers) Senvion India from Senvion GmbH,” a Senvion statement said.
This is a transformational deal for Alfanar which will strengthen its competitive position in India to grow its multi-dimensional end-to-end competitive solutions in the field of renewable energy and grid transmission, along with powering Senvion India to continue to operate as a full-fledged OEM in the Indian market, it added.
Through this acquisition, Senvion India will provide full EPC (engineering, procurement and construction) and O&M (operations and maintenance) solutions for wind power projects to customers in India.
The acquisition was made through Global Renewable Energy Development Holding Company Ltd (GREDHCL), a dedicated investment vehicle set up by promoters of Alfanar.