BackSaudi Arabia’s Alfanar buys wind turbine maker Senvion India
Some of the large wind power portfolio in India are owned by Goldman Sachs-backed ReNew Power Ventures Pvt. Ltd, GIC Holdings Pte. Ltd and Abu Dhabi Investment Authority (ADIA) backed Greenko Energy Holdings, among others
PremiumNEW DELHI: Attracted by India’ green economy, Saudi Arabia’s Alfanar has acquired wind turbine maker Senvion India from Senvion GmbH.
Riyadh-based Alfanar has 480 megawatt (MW) operational wind power projects and 1.67 gigawatt (GW) under various stages of development in Europe, India and West Asia.
This includes 600 MW capacity in India, won in auctions conducted by state-owned Solar Energy Corporation of India (SECI). It quoted ₹2.45 per kilowatt-hour (kWh) and ₹2.77 per kWh in February 2018 and October 2018, respectively, to win the bids for developing 300MW each of wind projects.
“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 Limited (GREDHCL), a dedicated investment vehicle set-up by promoters of Alfanar," the firms said in a joint statement on Thursday.
India is running the world’s largest clean energy programme, with an aim of having 175 GW of clean energy capacity by 2022. The country has an installed wind power generation capacity of 38.78 GW, with plans to reach a 60 GW wind power capacity by March 2022, as part of its climate change commitments.
“Alfanar’s investment in Senvion India is a start towards the goal to be a major player in Indian energy sector through its services in the fields of renewable energy and grid substations. India is a very strategic market for Alfanar," Jamal Wadi, managing director of GREDHCL and president of Alfanar’s energy and renewable business said in the statement.
Some of the large wind power portfolio in India are owned by Goldman Sachs-backed ReNew Power Ventures Pvt. Ltd, GIC Holdings Pte. Ltd and Abu Dhabi Investment Authority (ADIA) backed Greenko Energy Holdings, Tata Power Renewable Energy Ltd (TPREL), Rahul Munjal-led Hero Future Energies Pvt. Ltd, Mytrah Energy India Pvt. Ltd, and CLP India Pvt. Ltd, one of the largest foreign investors in the Indian power sector.
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