German wind turbine maker Senvion has entered into a definitive agreement to acquire the business of windmill maker Kenersys India Pvt Ltd so as to increase its reach in “new core markets”.
“Senvion has signed definitive agreements to acquire the wind turbine nacelle production facilities and infrastructure, complete product portfolio suite, wind turbine inventory and the service operations of Kenersys India Pvt Ltd, in Baramati, India, in order to further move ahead with its market penetration of its new core markets,” the German firm said in press statement.
The production facility of nearly 250 megawatts (MW) of capacity has the potential to be expanded further, it added.
Senvion will be able to start its operations with the assets immediately after the closing of the transaction and obtaining the necessary approvals, it said.
The product portfolio of the acquired assets ranges from 2 to 2.6 MW and rotor diameters from 82 to 120 meters, with cumulative installations of 220 MW in India with some of the large local key clients, it added.
The company said that with this acquisition, Senvion gets full rights to own, enhance and sell the Kenersys India product portfolio worldwide, including K82 (2.0 MW), K100 (2.6 MW), K110 (2.4 MW) and K120 (2.3 MW) in development.
The existing products are also registered with the National Institute of Wind Energy, India, and hence available for Senvion immediately.
Additionally, Senvion takes over the complete Indian service operations of Kenersys, it added.
CEO of Senvion Jürgen Geissinger said: “There are two main advantages of this acquisition: Firstly, we shorten our time-to-market in India rapidly. Secondly, we can build on a strong base to further align the Kenersys products with our existing Indian R&D organization and the well-known technical expertise from our Senvion tech centre in Germany.”
CFO of Senvion Manav Sharma said: “With the acquisition of specific Kenersys India assets, we are creating a fusion of Senvion’s international growth strategy, high quality engineering competence and the Indian market presence of Kenersys… We will finance the transaction with existing cash on our balance sheet.”
In February, Senvion announced it was adding India to its core markets and presented Amit Kansal as Managing Director of Senvion India.
Kansal said: “The facilities in Baramati will give Senvion a ready home for production.”
Since 2015, a research and development Center in Bangalore is working full time to support Senvion’s Product Development department, based at the TechCenter in Osterrönfeld in Northern Germany.
PTI