Saudi Arabia-based Alfanar on Thursday announced its entry into Indian energy sector through 100 per cent acquisition of wind turbine original equipment manufacturer Senvion India.
Alfanar said the deal will strengthen its competitive position in the country to grow multi-dimensional solutions in renewable energy and grid transmission along with powering Senvion India to continue to operate as a full-fledged OEM in the market.
Senvion India will provide 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 Ltd (GREDHCL), a dedicated investment vehicle set-up by promoters of Alfanar.
Jamal Wadi, Managing Director of GREDHCL and President of Alfanar's energy & renewable business, said that renewable energy is the only solution for sustainable planet.
"Given the single digit penetration of renewable energy in overall energy mix, we have a long way to go. 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."
Wadi said India is a strategic market for Alfanar. "With Alfanar's support and commitment to Senvion's experienced leadership team, we will significantly contribute to India's goal of sustainable power generation and 'Make In India' initiative."
With 480 MWs operational, 370 MWs under execution and 1.3 GWs under development, Alfanar is a global renewable energy developer with presence in Europe, India and the Middle East.
In India, Alfanar Global Development has commissioned 300 MW wind project in Gujarat that was awarded under SECI III. It is also executing another 300 MW of wind project in Gujarat that was awarded under SECI V.
( With inputs from ANI )
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