Senvion to Sell Assets to Siemens Gamesa

Laxman Pai
Tuesday, September 17, 2019

Insolvent German wind turbine manufacturer Senvion is in exclusive talks with Siemens Gamesa (SGRE) over the sale of a substantial part of its business.

The Germany firm said that it has entered into an exclusivity agreement with Siemens Gamesa to pursue negotiations for the sale of selected Services and Onshore assets in Europe. The agreement was approved unanimously by Senvion's creditors' committee. The approval of the insolvency plans by the creditors' assembly on 11 September enabled this transaction.

The parties are now entering final negotiations and, if final agreements are reached, expect that the necessary decisions will be taken by the end of September.

The financial arrangements to secure ongoing business activities over the timeline to conclude on the offer continue to be in place. Wind turbine continuation projects are underway and will secure a majority of production jobs for the next months, with some going into 2020.

For the remaining business areas, the company continues to explore further options and negotiations with investors.

Yves Rannou, CEO of Senvion, said: "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. In these difficult circumstances, these are positive news. Looking ahead to the weeks to come, the management team will continue to put all efforts behind finding the best solutions possible for the rest of the business."

Categories: People & Company News Mergers & Acquisitions Wind Power Turbines Manufacturing

Related Stories

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

French Oil Major Acquires Interests in Multiple Blocks in Southeast Asia

Fugro Expands Geotechnical Testing Capabilities in Indonesia

ABL Lands Work on BP’s Indonesian Gas and CCUS Project

CNOOC Starts Production at Offshore Field in South China Sea

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Current News

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com