by David McPhee
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.”