Dubai-based Global Renewable Energy Development Holding Company Limited (GREDHCL) has agreed to terms with Senvion GmbH for the acquisition of its Indian operations, Senvion India. The transaction will see GREDHCL acquiring complete ownership of Senvion India including its factory, installed O&M base and current ongoing projects, intellectual property rights in the Indian market, and its employee base of over 300 individuals. The financial details of the transaction were not disclosed. The sale is expected to be finalised in the first quarter of 2021. EY is the financial advisors for GREDHCL and Rothschild & Co is the financial advisors for Senvion GmbH.
Prior to the announcement, Senvion had ringfenced the Senvion India business, which is a wind based original equipment manufacturer and a turnkey engineering, procurement, and construction solutions with project development. The Indian wing of the German wind turbine manufacturer has always aligned itself to the government’s Make-in-India movement and now makes more than 85 per cent of its turbine parts domestically. The firm strongly believes that wind energy is vital to achieving India’s goal of 450 GW by 2030. Recently, Senvion installed its 130m rotor turbine which was designed for the Indian market.
GREDHCL is a fund based out of the Dubai International Financial Centre. The company owns & manages businesses in MENA, Europe, the UK, and Asia in the field of electrical manufacturing, project management & development, and O&M services.