Vestas announced on Thursday the acquisition of a 25.1 percent minority stake in German sustainable energy developer SOWITEC with an option to acquire the entire company within three years.
According to the Danish wind giant's statement, the acquisition aims to support Vestas' strategy and increase its capability to partner with its customers in project development in selective markets.
'By investing in SOWITEC, Vestas enhances our ability to offer full-scope sustainable energy solutions by tapping into SOWITEC's proven offering within development services,' it said.
SOWITEC has around 60 wind and solar projects totaling more than 2,600 megawatts across the globe, according to the press release.
'Based on SOWITEC's proven track record within solar PV project development, the acquisition also strengthens Vestas' offering within hybrid power plant solutions,' it said.
'With sustainable energy’s share of the energy mix set to grow from around 10 percent today to more than 30 percent by 2035, hybrids are a key part of Vestas' objective to develop sustainable energy solutions with wind at their core,' it added.
According to the statement, SOWITEC is expected to report 2018 consolidated revenues of approximately €30 million.
The acquisition, which is subject to regulatory approval, is expected to be finalized during the second quarter of 2019.
By Hale Turkes