Caverion to acquire Finnish wind farm servicing expert WiCo

Finnish building performance specialist Caverion Oyj (HEL:CAV1V) announced today it has signed a deal to take over local wind farm servicing firm Wind Controller (WiCo) for an undisclosed amount, thus entering the wind power sector.

Separately, Enefit Green said it is selling its 10% stake in WiCo to Caverion in order to simplify its corporate structure and focus on its core business of developing wind and solar projects.

"This acquisition is a natural addition to Caverion's energy sector offering that currently includes, for instance, operation and maintenance of power plants, industrial heat pumps and district heating networks as well as construction and maintenance of electricity distribution systems," said Elina Engman, executive vice president of Caverion Industry.

Oulu-based WiCo provides technical consulting services for the energy industry in Northern Europe, including remote monitoring of wind farms, maintenance and repairs of critical safety equipment and turbine inspections. Last year, the firm generated revenue of EUR 5.1 million (USD 5.5m).

The acquisition by Caverion is expected to broaden WiCo’s customer base and scale its operations, managing director Kari Koivikko commented.

(EUR 1.0 = USD 1.077)

Choose your newsletter by Renewables Now. Join for free!