HAMBURG: Senvion Holding 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.”

Senvion is a leading global manufacturer of onshore and offshore wind turbines. The company develops, produces and markets wind turbines for almost any location – with rated outputs of 2 MW to 6.33 MW and rotor diameters of 82 metres to 152 metres.

The company’s operational subsidiary Senvion GmbH is based in Hamburg and represented by distribution partners, subsidiaries and participations in European markets such as France, Belgium, the Netherlands, the UK, Italy, Romania, Portugal, Spain, Sweden, and Poland as well as on a global level in the USA, China, Australia, Japan, India, Chile and Canada.