Masdar invests €120m in WinWinD

ABU DHABI, UAE, October 6, 2008. Abu Dhabi’s Masdar renewable energy and clean technology initiative has bought a €120 million equity stake in WinWinD Oy, a Finnish wind turbine manufacturer.

“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” says 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”, adds Al Jaber.

WinWinD is a manufacturer active in the design, development and assembly of 1 MW 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. 

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.

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