• 26/05/2024 01:28

Spanish Windar breaks ties with Russia: the company sold a stake in a joint venture with Severstal

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.

Spanish Windar breaks ties with the Russian Federation: the company sold a stake in a joint venture with Severstal

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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.

minfin.com.ua

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