The wind turbine maker has bought just over 25% of Sowitec, in the process securing a three-year option to wholly acquire the solar and wind project developer.
Wind turbine manufacturer Vestas has paid an undisclosed amount for a 25.1% stake in Germany-based renewable energy project developer Sowitec and the option to fully acquire the company.
Founded in 1993, Sowitec has developed, or is in the process of constructing some 60 wind and solar energy projects across eight countries with a combined capacity of more than 2.6 GW. It expects to generate €30m ($34m) in revenue for 2018.
Vestas’ investment will give it additional access to the solar…
