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Senvion plans to achieve 2GW manufacturing capacity by 2026: report
Senvion to invest $100 million or ₹840 crore in R&D to launch newer technologies
The fifth-largest wind turbine maker in India, Senvion, plans to double its manufacturing capacity to 2 gigawatt (GW) by 2026 and invest $100 million or ₹840 crore in R&D to launch newer technologies, the Economic Times reported.
Mumbai-based turbine maker is also considering expansion in the European Union and Saudi Arabia, according to the company’s executive and managing director, Amit Kansal.
He added that the company recently launched a new 4.2MW turbine and will invest over $100 million to conduct research and development and supply chain in the next two years to launch technologies.
While sharing more about the turbine maker’s plans, Kansal said his firm wishes to cater to overseas markets. He added that there is a need for 6-8 megawatt (MW) turbines in those regions.
Last month, a turbine maker launched a 4.2MW wind turbine, one of the most powerful machines in the country. The new model, which becomes the first such model with a capacity to generate 4 MW of electricity, was developed by Senvion India and a German research and development firm, RE Technologies. The turbine maker has an exclusive license agreement with the German R&D firm.
Since its launch in 2016, the German wind turbine maker faced financial headwinds in 2019. After filing bankruptcy, Saudi Arabian engineering and construction group Alfanar’s renewable energy arm, Global Renewable Energy Development Holding Corporation Limited (GREDHCL), acquired this company in 2021. This acquisition provided a second lease to the company as it turned profitable, clocking ₹2,500 crore, and is debt-free.
Senvion’s market share is 2% of total commissioned capacity, below Chinese firm Envision’s 41%, Suzlon’s 20%, Inox Wind’s 15%, and Adani Wind’s 7% share.
As per Mercom India Research, India added 706.5MW of wind energy in the July-Sept quarter of 2024, 72% more than 411.5MW a year ago; the surge in the capacity addition was driven by state distribution companies’ need to meet their renewable energy target.