Siemens Gamesa Renewable Energy SA has completed the purchase of insolvent German turbine manufacturer Senvion SA's intellectual property and European wind farm servicing business, the company announced.
The entire takeover, worth €200 million, bumps up the size of Siemens Gamesa's serviced fleet by 9 GW. The deal also includes the acquisition of Senvion's blade manufacturing facility in Portugal, which Siemens Gamesa said it aimed to complete by March.
The company said it has a "robust integration plan" in place for Senvion, as well as "the financing lines and guarantees for this transaction, to ensure a successful operation from the first day."
The European Commission's competition authority had cleared the deal in December 2019 after investigating potential competitive advantages gained by accessing the intellectual property, or IP, relating to servicing contracts for Senvion offshore turbines.
"By acquiring all relevant know-how and IP … we are well positioned to offer competitive service solutions to all of Senvion's customers worldwide," said Mark Albenze, CEO of Siemens Gamesa's service business.
Siemens Gamesa CEO Markus Tacke said during the company's third-quarter earnings call that it had been selective in picking out the valuable Senvion assets.
Senvion filed for insolvency in April 2019 following attempts at a turnaround in the competitive wind turbine market.