The Mumbai-based company is also looking to expand operations in the European Union and Saudi Arabia, according to chief executive and managing director Amit Kansal. “We have recently launched a new turbine and will be investing over $100 million (about ₹840 crore) in research and development and supply chain in the next two years to launch new technologies,” he told ET, adding that to compete in markets like Saudi Arabia and Europe, there is a need for 6-8 mega watt (MW) turbines.
Last month, the company launched a 4.2 MW wind turbine, one of the most powerful machines in the country. The new model is the first 4 MW wind turbine unveiled by Senvion India and RE Technologies, a German R&D firm with which it has an exclusive licensing agreement. In addition to gradually increasing capacity to 2 GW, Kansal said the company plans to expand in selected foreign markets to meet growing demand.
German wind turbine maker Senvion had entered India in 2016, intending to be a key player in the Indian renewable energy sector. However, in 2019, it filed for bankruptcy. In 2021, the company was acquired by Saudi Arabia’s engineering and construction group Alfanar, through its Global Renewable Energy Development Holding Company Ltd (GREDHCL), a dedicated investment vehicle set up by its promoters.
With this second lease of life and India’s thirst for renewable energy, Senvion India has now turned profitable, clocking a topline of more than ₹2,500 crore, and is debt-free. Senvion India’s market share in total commissioned capacity is 2%, below Chinese firm Envision’s almost 41%, Suzlon‘s 20%, Inox Wind‘s 15%, and Adani Wind’s 7% share. The company is currently executing orders of around 800 MW, he added.
According to Mercom India Research, the country added 706.5 MW of wind energy capacity in the third quarter of 2024, up by 72% from 411.5 MW a year ago. The capacity addition was on the back of state distribution companies wanting to meet their renewable purchase obligations.”To achieve global ambitions, we need to hedge our supplies to more than one market,” said Kansal.”Although we are an Indian company, we will manufacture our products in India for the global market.”
