Rusnano exits Russian wind tower production JV, Severstal ups stake

Russian state-owned technology investor Rusnano has exited the share capital of wind tower maker WRS Towers LLC by selling its 24.5% stake in the firm to steel and mining company Severstal (MCX:CHMF), the latter announced today.

Thanks to this transaction, Severstal has increased its ownership in WRS Towers to 49%. The controlling stake of 51% continues to be held by Spanish sector player Windar Renovables SL.

Severstal explained Rusnano’s withdrawal from the joint venture with the reaching of planned economic indicators.

WRS Towers was set up by the trio in 2018 and last year hit its design annual production capacity of up to 145 towers. More than RUB 1 billion (USD 13.7m/EUR 11.6m) has been invested in the JV since its inception.

"The increase in the share in the joint venture was a logical step to strengthen Severstal's presence in the dynamically developing renewable energy market. Over the three years of its existence, the joint venture has demonstrated good results, becoming a partner of the world leaders in the wind power plant market - Siemens Gamesa and Vestas,” said Alexander Shevelev, CEO of Severstal.

According to Shevelev, the management of WRS Towers is actively holding talks with potential customers and plans to launch shipments of the first export orders next year. The firm recognises the greatest potential in the CIS countries and in Northern Europe, he added.

(RUB 10 = USD 0.137/EUR 0.116)

Choose your newsletter by Renewables Now. Join for free!