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Masdar invests in Finnish wind turbine manufacturer

01/10/2008

Masdar has acquired more than a third of the shares in WinWinD and is set to turn the company into a major player in the global wind energy market.

"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, in a press statement. "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 currently designing, developing and manufacturing technologically advanced one and three megawatts wind turbines. The company is headquartered in Helsinki and also has corporate offices in Oulu, Finland, and in Chennai, India. So far the company has sold about 50 turbines around the world and its turnover has doubled over the last year few years, reaching about EUR 60 million in 2007.

Masdar was attracted by WinwinD’s established technological expertise and strong growth potential. According to industry experts, WinWinD's low speed turbine design makes it suitable for low wind conditions while catering for high energy yield, low maintenance and longer life.

According to Ziad Tassabehji, Masdar’s Director of Innovation and Investments, Masdar’s investment is expected to quadruple the volume of production in Finland, while also establishing a manufacturing plant in India to serve the Asian market. In the long run there may also be a factory in Abu Dhabi.  Tassabehji believes the global market for wind turbines could be worth some EUR 10-12 billion and that WinWinD’s product is well placed to quickly take a share of this market, including major potential markets in Egypt, Syria and Abu Dhabi.

According to Lassi Noponen, WinWinD's Executive Chairman Masdar’s investment in Win WinD is a testament to the high quality of Finnish wind energy know-how and the increasing global demand for renewable energy. “The deal provides a solid basis for developing our company further. This investment also beacons the breakthrough of Winwind's utility class technology and ensures that wind energy remains a key part of the renewable energy solutions required to meet the ever increasing global demand for energy. Masdar's commitment and investment provides us with a springboard for future success,” said Noponen in a press statement.

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.

Source: Kauppalehti