Russian steel producer Severstal has acquired New Solutions and Technologies LLC, which controls a majority stake in the joint venture previously owned by the Spanish company Windar Renovables. This is reported by Reuters.
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According to the state register, Severstal has owned 100% of the holding's shares since April 8.
Windar entered the Russian market in 2018. The company created a joint venture with Severstal and the state nanotechnology company Rusnano to produce steel towers for wind turbines.
In 2021, Severstal bought out Rusnano's share, increasing its share to 49%.
The New Solutions and Technologies plant in Taganrog can produce up to 150 towers per year.
According to Reuters, the Spanish company was exploring the possibility of selling its 51% stake in the Severstal joint venture from March 2023 .
Windar Renovables exited the joint venture in December 2023.
