Suzlon Group, India’s leading provider of renewable energy solutions, signs definitive agreements to acquire a 76% stake in Renom Energy Services Private Limited.
This acquisition is being carried out in two tranches: a first 51% tranche for INR 400 crores, and a second 25% tranche for INR 260 crores over the following 18 months.
Renom, a subsidiary of the Sanjay Ghodawat Group, currently manages 1,782 MW of wind power, 148 MW of solar power and 572 MW of BOP (Balance of Plant).
This strategic acquisition is designed to strengthen Suzlon’s presence in the renewable energy maintenance market, particularly in the non-Suzlon sector, which represents some 32 GW of wind power assets in India.
Motivations and prospects
The motivation behind this acquisition is clear: Suzlon is looking to consolidate its leading position in the renewable energy maintenance sector in India. With a national target of 500 GW of renewable energy installations by 2030, the Indian market offers considerable opportunities.
The acquisition of Renom enables Suzlon to diversify its portfolio of services and position itself as a key player in the maintenance of various wind energy technologies.
Girish Tanti, Vice President of Suzlon Group, underlines the importance of this acquisition, stating that Renom has the capabilities to seize growth opportunities in the wind maintenance services sector.
In addition, this acquisition enables Suzlon to strengthen its expertise while maintaining Renom’s autonomy as an independent service provider.
Strategic developments and synergies
JP Chalasani, CEO of Suzlon Group, explains that this acquisition is in line with Suzlon’s strategy of focusing on Suzlon turbine maintenance services while enabling Renom to specialize in non-Suzlon assets.
This dual approach enables Suzlon to maximize its impact on the Indian renewable energy market, offering high-quality maintenance services to a diversified customer base.
Himanshu Mody, CFO of Suzlon Group, adds that the acquisition of Renom represents a valuable addition for Suzlon.
By combining the strengths of Renom and Suzlon, the company can optimize projects, talent, locations and systems, strengthening the Suzlon brand while taking Renom to new heights.
Implications for the renewable energy sector
This acquisition marks a significant milestone in India’s renewable energy landscape. It not only strengthens Suzlon’s position as industry leader, but also paves the way for exponential growth in maintenance services for a variety of technologies.
The partnership with the Sanjay Ghodawat Group brings a unique synergy, guaranteeing mutual growth and strengthening the capabilities of both entities.
For Renom, this acquisition provides a platform for rapid expansion and continuous improvement of its services, responding to the growing needs of the renewable energy market.
As the world’s largest provider of multi-brand maintenance services, Renom is well positioned to capitalize on new opportunities and strengthen its position as an industry leader.
This strategic acquisition enables Suzlon to diversify its maintenance services offering, consolidating its position in the Indian renewable energy market and opening up new growth opportunities.
The synergy between Suzlon and Renom promises to create a more robust and resilient ecosystem for wind and solar asset management, meeting the growing needs of a rapidly expanding sector.
