Turbine firm with Scottish contract saved through multi-million loan

Yves Rannou, Senvion CEO.
Yves Rannou, Senvion CEO.

A troubled turbine firm with a major Scottish Highland wind farm contract has been saved thanks to a multi-million loan.

German wind turbine manufacturer Senvion announced an £86 million loan from lenders, staving off concerns that the firm was about to go bust.

The wind turbine manufacturer filed for insolvency last week following a period of financial uncertainty.

As it placed itself into a state of “self-administration” the firm’s share price plunged by more than a third.

In October, Senvion signed a major deal with SSE to provide upkeep and services to four onshore wind farms in the north of Scotland.

The contract was for the servicing of 107 turbines across SSE’s Gordonbush, Achany, Fairburn and Strathy North wind farms.

Yves Rannou, chief executive of Senvion, said: “We would like to thank both our lenders and main bond holders for their support in agreeing to provide us with a DIP facility that will enable us to continue our operations.

“This is particularly helpful since we managed to significantly ramp up our installations in Q1. So, this is encouraging news for all of us and of course for our transformation process.

“We have received a multitude of supportive reactions from our customers and suppliers and continue our close dialogue with them.

“We also deeply appreciate the support of our teams on the ground and their continuous commitment to support Senvion on this journey back to health.”