New Delhi, Sep 7 (SocialNews.XYZ) Saudi Arabia-based Alfanar Group is set to invest $100 million in its Indian wind turbine manufacturing subsidiary Senvion, in a move aimed at strengthening the company’s product development and accelerating its global expansion, a report has said.
Senvion said the first tranche of $34 million was released this month, while the remaining amount is expected to be transferred within the next few weeks, according to the Arabian Gulf Business Insight.
The investment will support the development of Senvion’s long-term product roadmap and help accelerate its international expansion as well as the growth of its project pipeline.
Alfanar acquired Senvion in 2021 from Germany’s Senvion GmbH. The Saudi group has since positioned the Indian wind turbine manufacturer as an important part of its renewable energy strategy.
“India is central to Alfanar Group’s renewable energy strategy and Senvion is a key part of our long-term vision for wind energy,” said Jamal Wadi, chairman of Senvion and president of Alfanar Projects.
Senvion currently has an annual manufacturing capacity of 1.5 GW, while its operational fleet has crossed 1.6 GW. The fresh capital is expected to strengthen the company’s ability to develop new turbine technologies and pursue opportunities in both Indian and international markets.
The investment comes as India’s wind energy sector continues to expand rapidly. The country’s installed wind power capacity has crossed 58 GW, up from around 21 GW in 2014, according to data from the Ministry of New and Renewable Energy. India is targeting 500 GW of installed non-fossil electricity capacity by 2030, creating significant opportunities for renewable energy equipment manufacturers.
Saudi Arabia is also stepping up its renewable energy ambitions under its Vision 2030 strategy. The country’s renewable energy capacity has doubled annually since 2020, reaching 12.3 GW last year. However, this remains below one-tenth of its ambitious target of 130 GW by 2030.
Source: IANS
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