Senvion SE will benefit from its new owner Centerbridge Partners because of the U.S. fund’s finances and commitment to back growth in onshore and offshore markets, the head of the German wind-turbine maker said.
Senvion secured 950 million euros ($1 billion) in revolving credit for new projects from banks including Deutsche Bank AG and managed to extend their running time to five years from three, Chief Executive Officer Andreas Nauen said.
“The banking world trusts the combination Senvion and Centerbridge,” Nauen said by phone from Hamburg, where the company is based. “We want to expand our offshore and service business and Centerbridge is the right partner for that.”
Senvion seeks profitable growth in its key onshore markets including Germany, the U.K. and Canada, and to enter new areas including Turkey, Chile and Uruguay, Nauen said. It plans to hire workers to grow high-margin wind-turbine services, he said.
Servicing represented 11 percent of Senvion’s sales last year, compared with 16 percent for its peer Vestas. To drive sales of offshore turbines, Senvion plans to look for partners to supply foundations or electrical equipment and offer customers a “complete solution,” Nauen said.
Centerbridge bought Senvion from Suzlon Energy Ltd., which suffered India’s biggest convertible-bond default in 2012, for 1 billion euros in cash. Centerbridge has $25 billion of capital under management, according to a statement in December.