Senvion today announced that its exclusive negotiations with Siemens Gamesa Renewable Energy (SGRE) concerning the sale of a large part of the company’s European Onshore Services business and its blade production facility in Portugal have been concluded successfully.
A corresponding agreement was unanimously approved by Senvion’s creditors’ committee on 11 October and signed today.
The transaction in respect of the European Onshore Service business is expected to close in Q4 2019 subject to regulatory approvals and other customary closing conditions.
Business continuation costs, salaries and wages for employees are secured through ongoing business activities which means this transaction secures jobs for 2,000+ Senvion employees, close to 60% of all jobs at Senvion, with efforts to find additional solutions ongoing
For other parts of Senvion, the wind-down process has begun in order to secure socially acceptable solutions for remaining employees and an orderly liquidation of remaining assets.
As announced earlier, some wind turbine continuation projects are being finalized, securing further jobs with some going until the middle of the next year.
For other assets, including Indian operations and non-European Service operations, talks with potential investors continue.
Rothschild & Co is acting as financial adviser to Senvion on the transaction.
This is a Senvion PR; edited by Clean-Future Team