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Siemens Gamesa negotiating purchase of Senvion assets in Europe

Senvion wind turbines. Source: Senvion SE 2014. License: All rights reserved.

September 16 (Renewables Now) - Siemens Gamesa Renewable Energy SA (BME:SGRE) has won exclusivity to negotiate the acquisition of selected Services and Onshore assets in Europe from troubled German wind turbine maker Senvion SE (ETR:SEN).

Senvion said on Monday it has signed a non-binding exclusivity agreement with Siemens Gamesa for the proposed transaction. In the event that final agreements are reached, Senvion expects the necessary decisions to be taken by the end of the month. The agreement in question has been approved by the company’s creditors' committee.

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.

“Today's announcement means that we are close to finding a safe harbour for a significant part of the business and substantial parts of its employee base,” said Yves Rannou, CEO of Senvion.

The company noted that financial arrangements to secure ongoing business activities over the timeline to conclude on the offer continue to be in place. It added that wind turbine continuation projects are underway and will secure most of the production jobs for the coming months, with some going into next year.

Senvion continues to hold talks with investors for the remaining business areas, it concluded.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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