ID :
20969
Wed, 09/24/2008 - 14:08
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Shortlink :
https://oananews.org//node/20969
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Masdar buys stake in European wind turbine firm
Abu Dhabi, Sept 24, 2008 (WAM) - Masdar, Abu Dhabi's multi-billion dollar renewable energy and clean technology initiative, has bought an equity stake valued €120 million in WinWinD Oy, a Finnish wind turbine manufacturer. The strategic move highlights Masdar's commitment to be a key player in the wind energy market according to a report by ‘Gulf News.’
"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, USA, Europe, the Middle East and Asia," added Al Jaber.
WinWinD is a manufacturer active in the design, development and assembly of technologically advanced 1 and 3 MW wind turbines. Headquartered in Helsinki, Finland, 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.
The 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 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 Europe, India and the Middle East. Masdar will hold three board seats on the WinWinD board and will share important experience gained in the renewable energy domain.
"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, USA, Europe, the Middle East and Asia," added Al Jaber.
WinWinD is a manufacturer active in the design, development and assembly of technologically advanced 1 and 3 MW wind turbines. Headquartered in Helsinki, Finland, 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.
The 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 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 Europe, India and the Middle East. Masdar will hold three board seats on the WinWinD board and will share important experience gained in the renewable energy domain.
