News / Senvion Buys Wind Turbine Maker Kenersys to Boost India Sales
Date: 2016-08-19
Senvion Buys Wind Turbine Maker Kenersys to Boost India Sales
Hamburg company seeks slice of India’s 60 GW wind power target
India wind, solar company Suzlon owned Senvion until 2015
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Senvion GmbH bought Indian wind turbine maker Kenersys India Private Ltd. for an undisclosed sum, stepping up the German company’s effort to broaden its international reach.
Hamburg-based Senvion said the deal includes Kenersys’s 250-megawatt production site in Baramati, Maharashtra state, and its wind farm operations with an aggregate capacity of 220 megawatts. Senvion also gained the right to sell Kenersys’ core product series of 2-megawatt and 2.6-megawatt turbines worldwide.
By buying Kenersys, Senvion seeks to expand its foothold in India, said Chief Executive Officer Juergen Geissinger in an e-mail. Indian Prime Minister Narendra Modi’s target is to install 100 gigawatts of solar, 60 gigawatts of wind across the nation. The targets by 2022 would cost as much as $200 billion, according to Bloomberg New Energy Finance.
Adding Kenersys will shorten Senvion’s “time-to-market” for sales, said Geissinger. Kenersys’ turbines will complement Senvion’s product range, he said.
Senvion was previously owned by Suzlon Energy Ltd., another Indian wind and solar company, which held the German company from 2007 through 2015. Suzlon sold to the U.S. private equity fund Centerbridge Capital Partners.
Earlier this year, Senvion sought additional funding to expand through a private placement of shares and listing on the Frankfurt stock exchange.
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