Vestas has announced its acquisition of a 25.1 percent minority stake in SOWITEC with an option to acquire the entire company within three years. Headquartered in Germany, SOWITEC is a leading sustainable energy developer with around 60 wind and solar projects totaling more than 2,600 MW across the globe.
Courtesy of Vestas Wind Systems A/S
Juan Araluce, Vestas’ Chief Sales Officer, 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.”
According to Vestas, “the acquisition also strengthens Vestas’ offering within hybrid power plant solutions. 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.”
On a stand-alone basis, 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 and will have no significant impact on Vestas earnings.