Wind turbine manufacturer Vestas has paid an undisclosed amount for a 25.1% stake in Germany-based renewable energy project developer Sowitec and the option to fully acquire the company.
Founded in 1993, Sowitec has developed, or is in the process of constructing some 60 wind and solar energy projects across eight countries with a combined capacity of more than 2.6 GW. It expects to generate €30m ($34m) in revenue for 2018.
Vestas’ investment will give it additional access to the solar power industry as it looks to diversify its portfolio. The acquisition option will last for the next three years.
Juan Araluce, chief sales officer of Vestas, said: “With the acquisition of a minority stake in Sowitec, Vestas gains access to an independent development entity that strengthens our co-development portfolio and improves our solutions and capabilities in strategic markets in Latin America.
“Vestas is continuing to invest in solutions and capabilities that increase our ability to meet our customers’ evolving needs and to partner with them through the energy transition.”
