Masdar, Abu Dhabi?s multi-billion dollar renewable energy and clean technology company, bought a significant equity stake in WinWinD Oy, a Finnish wind turbine manufacturer, for a consideration of 120 million euro on Tuesday. Chennai-based entrepreneur C Sivasankaran promoted Sterling Infotech group holds a majority stake in WinWinD Oy, which is setting up a manufacturing plant in Chennai. Majority of the fund will be utilised for the the plant.
?Wind plays a crucial part within renewable energy as it is commercially competitive. It is important for Masdar to be part of that growth? said Sultan Al Jaber, CEO, Masdar.
?WinWinD is at an interesting phase and is set to expand into a truly global wind company servicing several key markets like Scandinavia, the US, Europe, the Middle East and Asia,? added Al Jaber.
WinWinD is a manufacturer active in design, development and assembly of technologically advanced 1 mw and 3 mw wind turbines. It is headquartered in Helsinki, Finland and has corporate offices in Finland and Chennai. The company is also looking at expanding its operations to Abu Dhabi.
Masdar?s investment will allow the company to move into the worldwide wind market, enabling it to diversify its renewable energy asset portfolio. With a string of projects already under its belt, buying into a turbine manufacturer underpins its strategy of investing in all aspects of the renewable energy value chain.
Masdar will work in partnership with the management of WinWinD and its majority owner, Sterling Infotech Group, to accelerate WinWinD?s geographic expansion in India, Europe and the Middle East. It will hold three seats on the WinWinD board and will share its experience in the renewable energy domain.
Vaidyanathan Srinivasan, group CEO, Sterling Infotech, said, ?This deal is a great opportunity for WinWinD and its shareholders, and it will propel the company into significantly larger markets.?
The deal will enable the wind turbine manufacturer to accelerate its expansion plans in new markets and become a significant player in the global wind energy space. A large proportion of Masdar?s investment in WinWinD will go into expanding its Indian operations. The latter?s low-speed turbine design makes it suitable for low wind conditions while catering for high energy yield, low maintenance and longer life.