Senvion says it is entering the final stages of company takeover.

The company maintains that it has also put in place financial arrangements to secure ongoing business activities over the timeline to conclude on these offers, including wage and salary payments for all business units. It had been granted loan extensions from lenders through to the end of August.

“For the past months, we have been committed to finding the best possible outcome for the company in this difficult situation,” said Yves Rannou, CEO of Senvion. “We are now close to having a solution for significant core parts of the business. What is more is that we can keep the business running until the M&A process is concluded. This is possible thanks to the hard work and dedication of everyone at Senvion.”

However, with regards to the wind-turbine business, no offers for the entire unit have been received despite an intensive and global search for a new investor. There are several continuation projects to be completed, which means that jobs will be secured for a substantial part of the turbine business workforce for the next few months — with some going into 2020.

Although jobs in the turbine business could be secured for August first redundancies are expected to occur during September. These would take effect at the end of the year.

Senvion confirms that it will continue negotiations with employees’ representatives regarding potential social plans and balance of interest schemes for the affected workforce as well as potentially a transfer company for safeguarding an orderly process.

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Senvion says all business areas are under review, with an accelerated M&A process to achieve results soon.

Senvion announced that it has reached an agreement with its lenders, which gives financial support for the continuation of its business until the end of August — and potentially for a period thereafter — if ongoing talks with lenders conclude successfully.

The extension enables Senvion to further accelerate its M&A process . The company says discussions with potential bidders are at an advanced stage.

“In tandem with the hard work and commitment of everybody at Senvion, we have been exploring our options to secure the best possible outcome for the company,” said Yves Rannou, CEO of Senvion. “However, as negotiations have not yet been concluded, we will further accelerate the M&A process and in parallel initiate a review of all business areas to secure Senvion’s profitable core business.”

In the spring, the manufacturer filed a petition to commence self-administration proceedings pursuant to Section 270 of the German Insolvency Code. Senvion TopCo GmbH (Senvion’s direct parent company) also filed a petition for ordinary insolvency proceedings with the court.

As a contingency for an unsuccessful outcome to the company’s efforts to sell Senvion as a whole, or substantial parts of it, the management has to prepare for all eventualities. To this end, management will shortly be meeting with employees’ representatives to begin the negotiations regarding social plans and balance of interest schemes for all business areas or substantial parts of it if an investor cannot be found in time.

“The goal is to finalize our advanced investor discussions in the short term. I am grateful for all the support of our dedicated employees and would like to thank our lenders for their continued financial support,” added Rannou.

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Senvion will provide full maintenance services for a period of 20 years to the EDF Luminus’s wind farm and for a period of 15 years with extensions up to 25 years for the Marvila wind farm and up to 20 years for the Rebaix and Aschère-le-Marché wind farms..

In Belgium, Senvion has concluded contracts with customers including EDF Luminus for the Sint Gillis Waas wind farm and Eoly for the Rebaix wind farm. The Belgian wind farms total four wind turbines including 3.4M104 and 3.4M114 turbine types. The installation and the commissioning of the Belgian wind farms are planned for Summer 2019.

In France and Portugal, Senvion has signed contracts with new customers, respectively ČEZ Group and EKZ, the utility of the Canton of Zurich. The French Aschère-le-Marché wind farm, developed by ABO Wind and owned by ČEZ Group, is located in the region of Centre – Val de Loire.

“These projects perfectly illustrate how the modularity of the Senvion’s turbine portfolio is a real competitive advantage, providing wind energy at a low LCoE. Senvion’s 3.XM platform with different rotor sizes and hub heights can be efficiently integrated in any location, regardless of what the complexity of the sites,” said Olivier Perot, Managing Director of Senvion Europe South. “In addition, Senvion’s flexible approach is also very much appreciated by the clients with diversified profiles, which is reflected by the contracts won with new clients such as ČEZ Group and EKZ. An efficient product portfolio and a tailor-made customer approach are key for Senvion to sustainable growth in its core markets.”

Four Senvion 3.4M114 turbines at various hub heights – 79 and 93 meters – will be installed and commissioned within the second half of 2019. The 20.4 MW Portuguese wind project, called Marvila II, is located in the region of Leiria and will consist of six Senvion 3.4M122 wind turbines with a hub height at 119 m. The commissioning is planned for Autumn 2019.

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