Saudi Arabia's alfanar Group will inject $100 million (around Rs 950 crore) of direct capital into Senvion India, its Indian wind turbine manufacturing unit, to fund the company's product development and expansion plans, the companies said.
The first tranche of $34 million (about Rs 320 crore) was received earlier this month, with the remainder of the funding expected to come over the next couple of weeks, according to the statement.
The capital is earmarked for three areas: developing Senvion's long-term product roadmap, providing growth capital for its India and export business, and expanding its project pipeline through the company's "Senvion Certified Sites" programme. Under the programme, independent wind sites are certified to Senvion's technical standards.
alfanar, a privately-held Saudi Arabian conglomerate founded in 1976 with interests spanning electrical manufacturing, engineering and construction, and renewable energy, acquired full ownership of Senvion's Indian business in 2021 through Global Renewable Energy Development Holding Company (GREDHCL), an investment vehicle set up by its promoters.
The deal gave Senvion India, set up in 2016, a new owner after its German parent, Senvion GmbH, ran into financial trouble and sold off its assets, including to Siemens Gamesa in Europe.
Since the acquisition, Senvion India has expanded its manufacturing base, which now has an annual capacity of about 1.5 GW across facilities in Tamil Nadu, Maharashtra and Gujarat, with an operational fleet of more than 1.6 GW nationally. Its turbine range includes 120-metre, 130-metre and 160-metre rotor platforms rated between 2.3 MW and 4.2 MW.
Jamal Wadi, chairman of Senvion and president of alfanar Projects, said the funding reflects the company's confidence in Senvion's engineering capabilities and technology roadmap, and pointed to plans to combine Senvion's wind engineering expertise with alfanar's capabilities in power systems, grid infrastructure and energy storage to develop integrated renewable energy offerings.
Shreyas B Suvarna, who was named chief executive of Senvion India earlier this year, said the funding would help deepen the company's research and development capabilities, speed up the introduction of new turbine technologies, and strengthen support for customers over the 25-year lifecycle of wind assets. He added that the company also plans to continue investing in talent development.
The funding comes as India's wind sector draws renewed investor and manufacturer interest, with the government pushing local turbine manufacturing under its "Make in India" programme as it works toward its renewable energy capacity targets. Senvion has previously executed large-scale EPC contracts in India, including a 300 MW wind project in Gujarat's Bhuj region for group entities of alfanar.