Invest in Finland

WinWinD to build large wind turbine factory in Hamina, Finland

12/12/2008

Winwind Oy will invest in a new wind turbine factory to be built near the Hamina harbour on the South coast of Finland. The total value of the investment is approximately 20 MEUR. In the factory, 3-megawatt wind turbines will be assembled for the European market. The factory will employ approximately 240 persons in the first phase and significantly more in the subcontractor chain. 160 units (500 MW) will be manufactured per year, which will represent almost four times the current installed wind energy capacity in Finland (128 MW). By 2011 it will be possible to double the production capacity of the Hamina factory. The direct effect on employment would then amount to 350–400 jobs. Because a significant part of WinWinD's subcontractors are currently located in Finland, the indirect effect would be considerable in the country.

The contract for the new factory project was signed yesterday between WinWinD, the City of Hamina, Cursor Oy and Oka Oy. At the same time, WinWinD and Haminan Energia signed a delivery contract for a 12 MW wind park to be built in the Summa region of Hamina.

"The demand for large 3 MW wind turbines is continually on the rise especially in Europe. The new production capacity will make possible a significant growth of the company's export market and also of expanding the customer base to include large energy companies. In addition, the factory project will also create hundreds of jobs and bring important new business know-how to the whole Hamina region", states WinWinD's Chairman of the Board, Lassi Noponen.

WinWinD has been preparing the project together with several partners in the region. "Co-operating with the city of Hamina, Cursor Oy, Oka Oy and Haminan Energia Oy has been very smooth and resulted in a great outcome. Our experiences so far provide an excellent basis for future, long-standing co-operation, as WinWinD will feature prominently in the industry of the Hamina region", states WinWinD's Managing Director Jari Varjotie. "The wind turbines bought by Haminan Energia Oy will be manufactured within approximately one year's time in the Hamina factory, and they will be an excellent sign of the total synergy that we have been able to build for this project."

About WinWinD: WinWinD Oy plans, develops and manufactures one and three megawatt wind turbines based on low speed technology. The most significant benefits obtained have been operating reliability and high availability. WinWinD’s head office is located in Helsinki with assembly plants in Finland and India.

WinWinD's owner and main shareholder is Indian company Sterling Infotech Group, other shareholders being Finnish Industry Investment Ltd and the company's key personnel. Abu Dhabi Future Energy Company, owned by the Emirate of Abu Dhabi, recently invested 120 million euros in WinWinD.

For more information see www.winwind.fi

Additional information:

Winwind Oy:

Lassi Noponen
Chairman of the Board
+358 40 501 5127

Jari Varjotie
Managing Director
+358 400 419 734

Source: WinWind Oy