Alfanar has completed its 100 per cent acquisition of the Indian arm of wind turbine OEM Senvion India from Senvion GmbH. This deal enables Senvion India to continue to operate as a full-fledged OEM in the Indian market thereby providing full EPC and O&M solutions for wind power projects to customers in India.The acquisition was made through Global Renewable Energy Development Holding Company Limited which is a dedicated investment vehicle set-up by promoters of Alfanar and EY acted as the exclusive M&A advisor to Alfanar on this deal.
Alfanar is a Saudi Arabian company with a global presence primarily engaged in the energy industry domain through its various business arms including manufacturing and trading electrical products, turnkey EPC solutions for power plants and substations, allied engineering services, the development of renewable energy, smart meters, and social infrastructure projects. As a renewable energy developer, the company is present in Europe, India, and the Middle East with 480 MW of projects in operation, 370 MW under execution and 1.3 GW under development. The company has commissioned a 300 MW wind power project in Gujarat and is also executing another 300 MW in the state, with both the projects awarded by the Solar Energy Corporation of India.
Meanwhile, Senvion India has been operational since 2016 and has a fully operational factory in India. Successful inlocalising its turbines upto 85 per cent, the company has a world class R&D center in India which will continue to develop new technologies for the market and its customers.