Abu Dhabi, September 23, 2008 – Masdar, Abu Dhabi's multi-billion dollar
renewable energy and clean technology initiative has purchased a significant
equity stake in WinWinD Oy, a Finnish wind turbine manufacturer. This strategic
move highlights Masdar's commitment to be a key player in the wind energy
markets.
“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.
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 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.
WinWinD, one of the top turbine manufacturers in the world in the
multi-megawatt segment, has established technological expertise, and has strong
growth potential. WinWinD will benefit from the investment by allowing the
company to accelerate its expansion plans to enhance its position in new markets
and become a significant player in the global wind energy. A large proportion
of Masdar’s investment in WinWinD will go into expanding its Indian operations
giving the company a better global performance.
“For WinWinD, the investment is a testament to the high quality of Finnish
wind energy know-how and the increasing global demand for renewable energy,”
says Lassi Noponen, WinWinD’s Executive Chairman. “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' commitment and investment
provides us with a springboard for future success,” he said.
WinWinD's low speed turbine design makes it suitable for low wind conditions
while catering for high energy yield, low maintenance and longer life.
Vaidyanathan Srinivasan, Group Chief Executive Officer of Sterling Infotech
Group (SIG) the main shareholder of WinWinD said: “This deal is a great
opportunity for WinWinD and its shareholders, and it will propel the company
into significantly larger markets. Masdar has made a strategic move by
investing in a company that has grown steadily over the past few years,” he
said.