2 hrs ago
Saudi Alfanar Invests $100 Million in India’s Senvion
Alfanar Group, a company from Saudi Arabia, plans to invest $100 million in Senvion.
Senvion makes wind turbines in India.
The company has already received $34 million.
The rest of the money is expected within a few weeks.
Senvion will use the investment to develop new turbine products.
It also wants to expand into more countries and win more projects.
India’s wind power industry has grown significantly in recent years.
Saudi Arabia is also trying to build more renewable energy under its Vision 2030 plan.
Alfanar Group will invest $100 million in its Indian wind turbine subsidiary, Senvion.
Senvion said the first $34 million tranche was released this month, with the remainder expected within weeks.
The funding will support product development, international expansion, and growth of Senvion’s project pipeline.
Senvion has annual manufacturing capacity of 1.5 GW and an operational fleet exceeding 1.6 GW.
India’s wind capacity has surpassed 58 GW, while Saudi Arabia is pursuing renewable growth under Vision 2030.
- Who
- Saudi Arabia-based Alfanar Group and its Indian wind turbine subsidiary, Senvion.
- What
- Alfanar Group is investing $100 million in Senvion.
- Where
- The investment is directed to Senvion’s operations in India, with expansion planned in Indian and international markets.
- When
- The first $34 million tranche was released this month, with the remainder expected within the next few weeks.
- Why
- To support Senvion’s product development, international expansion, and project pipeline growth.
Key facts
- Total investment
- $100 million
- Initial tranche
- $34 million released this month
- Manufacturing capacity
- 1.5 GW annually
- Operational fleet
- More than 1.6 GW
- India wind capacity
- More than 58 GW
- India’s 2030 target
- 500 GW of installed non-fossil electricity capacity
- Saudi renewable capacity
- 12.3 GW last year
Quotes
Jamal Wadi
Chairman of Senvion and president of Alfanar Projects
“India is central to Alfanar Group’s renewable energy strategy and Senvion is a key part of our long-term vision for wind energy”
thehansindia.com
Sources
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