Senvion GmbH, Senvion Netherlands, SWTPL, SIPL sold their stake in SWTPL, Senvion LLP, and SIPL to Global Renewable Energy Development Holding Company Limited, owing to the bankruptcy of Senvion GmbH. This transaction involved complex structuring given that the purchaser and the sellers are non-residents, and one of the sellers – Senvion GmbH - is insolvent.

Renewables Now reported:

German wind turbine maker Senvion GmbH has agreed to offload its entire Indian business to Dubai-based fund Global Renewable Energy Development Holding Company Ltd (GREDHCL). Under the contractual agreement, the buyer will get complete ownership of Senvion India Pty Ltd, which was spun off from the German manufacturer last year. The deal includes all turbine production assets, including Senvion India’s wind factory and installed base for operations and maintenance (O&M), as well as ongoing projects and intellectual property rights for the Indian market. Its workforce of over 300 people is also part of the package.

Cyril Amarchand Mangaldas advised Acted as the legal counsel to Senvion GmbH (Senvion GmbH), Senvion Netherlands (Senvion Netherlands with Senvion GmbH collectively referred to as the Sellers), Senvion Wind Technology Private Limited (SWTPL), and Senvion India Private Limited (SIPL). led by a team of The Transaction team was led by partner Smruti Shah, with support from senior associate Aviral Chauhan, senior associate Gauri Devpura Designate and associate Devanshi Dalal.

DLA Piper UK acted as foreign legal counsel to the Senvion Group.

AZB & Partners was Indian legal counsel to Global Renewable Energy Development Holding Company Limited.

PwC acted as financial advisors to Global Renewable Energy Development Holding Company Limited.

2020-12-01

Deal value: Confidential

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.