ABOUT THE TRANSACTION

The transaction envisages the transfer of complete ownership of Senvion India along with factory, the installed base of O&M and current ongoing projects, intellectual property rights GREDHCL (Global Renewable Energy Development Holding Company Limited), a fund based out of the Dubai International Financial Centre, has entered into an agreement with Senvion GmbH for the acquisition of the latter’s Indian operations (Senvion India) on December 1, 2020. Senvion had previously ring-fenced the Senvion India business, which is a full-fledged Wind OEM and in the business of WTG manufacturing, turnkey EPC solutions with project development, O&M and Asset Management, from its self-administration process.

The transaction envisages the transfer of complete ownership of Senvion India along with all assets such as the factory, installed base of O&M and current ongoing projects, intellectual property rights relevant for the Indian market and its strong 300+ team size.

The transaction is subject to regulatory approvals and the sale is proposed to close in the first quarter of 2021. Senvion India, part of the German company Senvion GmbH. Senvion GmbH had turned insolvent in April last year and its global assets were later taken over by Siemens Gamesa, another wind turbine major. The Indian arm of Senvion was left out as Siemens Gamesa has large operations in India and, therefore, did not require Senvion India. Thereafter, it became an independent entity. On April 6, Senvion GmbH announced that it had entered into an agreement with a strategic investor to sell and transfer its fully operational Indian entity.” Senvion India manufactures wind turbines of the nominal capacity of 2.3 MW. In 2016, it took over the manufacturing facilities of Kenersys (of the Baba Kalyani group). The plant, located at Baramati, near Pune, has the capacity to produce 250 MW a year.

TRANSACTION LEGAL SUPPORT

Cyril Amarchand Mangaldas acted as the Indian legal counsel to Senvion GmbH (Senvion GmbH) on selling its entire stake in the India operations of Senvion spread across its various entities (“Senvion India”) to Global Renewable Energy Development Holding Company Limited (Purchaser) owing to the bankruptcy of Senvion GmbH.

The General Corporate team of Cyril Amarchand Mangaldas successfully enabled the signing of the contract agreements, executed this transaction and subject to regulatory approvals, the sale is expected to close in Q1-2021.

The Transaction team was led by Smruti Shah, Partner (Left image); with support from Aviral Chauhan, Senior Associate; Gauri Devpura, Associate and Devanshi Dalal, Associate. The transaction envisages the transfer of complete ownership of Senvion India along with all assets such as the factory, installed base of O&M and current ongoing projects, intellectual property rights relevant for the Indian market and its strong 300+ team size. This transaction involved complex structuring given that the Purchaser and the Sellers are non-residents and Senvion GmbH is insolvent.

OTHER LEGAL TEAM

• Senvion India – lead by Mr Pathik Arora, General Counsel of Senvion India
• DLA Piper UK (Foreign Legal Counsel to Senvion Group) – lead by Mr. Benjamin Parameswaran and Ms. Cristina Villafrade
• AZB and Partners (Legal Counsel to Global Renewable Energy Development Holding Company Limited)
• GORG Partnerschaft (Self-Administration and Restructuring Professional to Senvion Group) – lead by Dr. Thorsten Bieg and Dr. Karl-Friedrich Curtze.
• Rothschild & Co. (M&A Advisor to Senvion Group)
• PwC (Financial Advisors to Global Renewable Energy Development Holding Company Limited)

For this transaction, the agreement was signed on December 1, 2020, and closing is expected in the first quarter of 2021.

ABOUT CAM

India’s Leading Law Firm, Cyril Amarchand Mangaldas was founded on May 11, 2015, and takes forward the values going back 103 years, of the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. Tracing its professional lineage to 1917, the Firm has over 750 lawyers, including 137 partners, and offices in India’s key business centres at Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Ahmedabad. The Firm advises a large, and varied client base that includes domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, startups and governmental and regulatory bodies.

The Firm received “Law Firm of the Year” award at the Asian Legal Business (ALB) India Law Awards 2020 and “Law Firm of the Year, India” at the Asialaw Regional Awards 2020. The firm was also named as the “Most Innovative National Law Firm of the Year – India for 2020” at the IFLR Asia Awards and voted as the “Employer of Choice for 2020” from India, by the Asian Legal Business.