Saudi Arabia’s Alfanar has purchased wind turbine manufacturer Senvion India from Senvion GmbH, attracted by India’s green economy.
Alfanar, based in Riyadh, has 480 megawatts (MW) of operational wind generating projects in Europe, India, and West Asia, as well as 1.67 gigawatts (GW) in various phases of construction.
This comprises 600 MW of capacity gained in India’s state-owned Solar Energy Corporation of India’s auctions (SECI). In February 2018 and October 2018, it quoted 2.45 per kilowatt-hour (kWh) and 2.77 per kWh, respectively, to win bids for developing 300MW of wind projects.
Senvion India will supply customers in India with complete EPC (engineering, procurement, and construction) and O&M (operations and maintenance) solutions for wind power projects as a result of this acquisition. Global Renewable Energy Development Holding Company Limited (GREDHCL), a specialist investment company set up by Alfanar founders, made the purchase.
India is developing the world’s largest renewable energy initiative, aiming to reach 175 GW of clean energy capacity by 2022. As part of its climate change pledges, the government has a 38.78 GW installed wind power generation capacity, with ambitions to increase that to 60 GW by March 2022.
Alfanar’s investment in Senvion India is a step toward the company’s objective of becoming a key participant in the Indian energy sector through its renewable energy and grid substation services. Alfanar considers India to be a crucial market.
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 country’s top foreign power investors.