Senvion makes final steps in M&A quest

Senvion MM100 wind turbine; Source: Senvion

August 29 (Renewables Now) - Troubled wind turbine maker Senvion SE (ETR:SEN) on Wednesday said it has received “several advanced offers” for various core parts of its business but no suitors have so far emerged for its entire turbine business.

At the beginning of April, the debt-laden firm’s main unit Senvion GmbH filed for self-administration proceedings as it was unable to agree on any financing options so as to secure the continuation of its operations. At the end of July, Senvion said that its lenders had agreed to provide financial backing until at least end-August.

According to the press statement, the company is now entering the final stages of the merger and acquisition (M&A) process and will present investor concepts to a creditors’ assembly for a vote on September 10. 

“For the past months, we have been committed to finding the best possible outcome for the company in this difficult situation. We are now close to having a solution for significant core parts of the business,” said CEO Yves Rannou.

Senvion noted it has made the necessary financial arrangements to secure the business during the M&A process, however, it expects first redundancies to be announced next month and take effect at the end of the year. Several ongoing projects, meanwhile, will secure jobs for a "substantial" part of the turbine business personnel for the next few months, with some going into 2020.

(EUR 1.0 = USD 1.108)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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