Saudi Arabia-based Alfanar Group has announced a $100 million investment in its Indian wind turbine manufacturing arm, Senvion, to enhance product development and speed up worldwide growth.
The initial installment of $34 million was disbursed this September, with the rest to follow in the coming weeks, Arabian Gulf Business Insight reported.
This funding aims to support Senvion's long-term product plans and facilitate international expansion along with project pipeline growth.
Alfanar took over Senvion in 2021 from Germany's Senvion GmbH, positioning the Indian unit as a core element in its renewable energy goals.
"India is central to Alfanar Group's renewable energy strategy and Senvion is a key part of our long-term vision for wind energy," said Jamal Wadi, chairman of Senvion and president of Alfanar Projects.
Currently, Senvion produces 1.5 GW annually and operates a fleet exceeding 1.6 GW. The new capital will aid in developing advanced turbine technologies and exploring opportunities in India and abroad.
India's wind power capacity has surged beyond 58 GW from about 21 GW in 2014, according to the Ministry of New and Renewable Energy, with a national aim to reach 500 GW of non-fossil fuel electricity by 2030.
Meanwhile, Saudi Arabia is increasing its renewable capacity under Vision 2030, having doubled capacity yearly since 2020 to reach 12.3 GW, though this is less than one-tenth of its target of 130 GW by 2030.
