DLA Piper advises Senvion GmbH on the sale of Senvion India

DLA Piper has advised Senvion GmbH (Senvion), a wind turbine manufacturer in self-administration led by restructuring experts Dr Thorsten Bieg and Prof Dr Gerrit Hölzle (both GÖRG), on the sale of 100% of its business operations in India (Senvion India) to Global Renewable Energy Development Holding Company Limited. Senvion India is a full-fledged wind OEM engaged in wind turbine manufacturing, turnkey EPC solutions with project development, O&M and asset management. Senvion had previously ring-fenced Senvion India from its self-administration process.

The transaction includes the transfer of full ownership of Senvion India together with all of its assets, including manufacturing sites, OEM services, relevant IP rights and the team of more than 300 employees. The transaction is subject to, inter alia, regulatory approval and is expected to close in Q1 2021.

Global Renewable Energy Development Holding Company Limited is a fund based in the Dubai International Financial Center. Its promoters have decades of experience in the energy infrastructure sector.

The DLA Piper team was co-led by partner Dr Benjamin Parameswaran and counsel Cristina Helena Villafrade (both Corporate/M&A, Hamburg). In India, DLA Piper worked together with the law firm Cyril Amarchand Mangaldas and a team led by partner Smruti Shah and senior associate Aviral Chauhan (both Mumbai).

DLA Piper partner Benjamin Parameswaran and counsel Cristina Helena Villafrade had regularly advised Senvion on board matters and M&A transactions in recent years, including the sale of Senvion to Centerbridge and the acquisition of the business of Indian wind turbine manufacturer Kenersys India in 2016, a key milestone in the expansion of the Senvion India business. In the context of the sale of the European onshore service business to Siemens Gamesa at the end of 2019, a DLA Piper team led by partners Benjamin Parameswaran and Mike Danielewsky had advised Senvion's operational management.