New Delhi, Sep 8: Saudi Arabia-based Alfanar Group is set to invest $100 million in its Indian wind turbine manufacturing business, Senvion, as the company looks to strengthen its technology capabilities and expand its presence in international renewable energy markets.
Senvion has received the first tranche of $34 million this month, while the remaining investment is expected to be transferred in the coming weeks.
The fresh capital will support Senvion’s product development plans, including the development of new wind turbine technologies. It will also help the company expand its project pipeline and pursue opportunities in both India and overseas markets.
Alfanar acquired Senvion in 2021 from Germany-based Senvion GmbH. Since the acquisition, the Indian business has become an important part of Alfanar’s renewable energy strategy.
Senvion currently has an annual manufacturing capacity of 1.5 GW, while its operational wind turbine fleet has crossed 1.6 GW. The latest investment is expected to strengthen the company’s ability to develop new products and compete for projects in the growing global wind energy market.
The investment comes as India continues to expand its renewable energy infrastructure. The country’s installed wind power capacity has crossed 58 GW, compared with around 21 GW in 2014. India is targeting 500 GW of installed non-fossil fuel-based electricity capacity by 2030, which is expected to create additional opportunities for renewable energy equipment manufacturers.
Saudi Arabia is also increasing its focus on renewable energy under its Vision 2030 programme and is working to expand its clean energy capacity significantly over the coming years.
For Senvion, the investment provides additional financial support to strengthen manufacturing, technology development and international expansion. It also underlines the growing importance of India as a base for renewable energy manufacturing and a potential hub for serving global markets.
