Ooooooooh Dear Flat Broke & Busted: German Wind Turbine Maker...

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    Flat Broke & Busted: German Wind Turbine Maker Senvion’s Spectacular Financial Collapse

    April 14, 2019

    Cut the subsidies and the wind industry would disappear in a heartbeat. The business model (read ‘colossal government mandated scam’) has all the hallmarks of an enormous Ponzi scheme – the wind industry’s demise is a matter of when, not if. The withdrawal of subsidies across Europe has taken its toll, as the number of new turbines erected plummets. Twelve countries in the European Union (EU) failed to install “a single wind turbine” last year.Saddled with debt and peddling the world’s worst wind turbines hasn’t helped German turbine maker Senvion, either. ...

    Its parent, the Indian outfit Suzlon suffered India’s biggest convertible-bond default in 2012 – was seriously struggling then and isn’t in any better shape now – even a name change to “Senvion” didn’t help.In 2015, a debt-ridden Suzlon and struggling Senvion parted company, with a US firm, Centerbridge Partners throwing €1 billion at the wreckage in the hope some of it could be salvaged. Four years on and it’s clear that Senvion was terminal.

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