Masdar buys €120m stake in WinWinD

Masdar, the Abu Dhabi state renewable energy firm, paid €120 million (Dh651.81m) for a "significant equity" stake in WinWinD Oy, a Finnish wind turbine maker.

The purchase allows Masdar to expand into the global wind market and to diversify its renewable energy asset portfolio, it said in a statement. This strategic move highlights Masdar's commitment to be a key player in the wind energy markets, it said.

"Wind plays a crucial part within renewable energy as it is commercially competitive today. It is important for Masdar to be part of that growth" said Dr Sultan Al Jaber, CEO of Masdar. "WinWinD is at an interesting phase and is set to expand into a truly global wind company servicing several key markets like Scandinavia, United States, Europe, the Middle East and Asia."

WinWinD is a manufacturer active in the design, development and assembly of technologically advanced one and three megawatts wind turbines. Headquartered in Helsinki, WinWinD has corporate offices in Oulu, Finland, and Chennai, India, and following this deal there are plans to expand elements of the operation into Abu Dhabi. This investment signals Masdar's strategy to lead in all forms of renewable energy. It allows Masdar to move rapidly into the worldwide wind market enabling it to diversify its renewable energy asset portfolio. With a string of projects already under development, buying into a turbine manufacturer underpins Masdar's strategy of investing in all aspects of the renewable energy 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 Europe, India and the Middle East. Masdar will hold three seats on the WinWinD board.