Saudi Arabia, Ghana strengthen agricultural ties during ministerial tour    Saudi Arabia achieves highest rating in UN's competition law systems report    AlUla partners with Riyadh Air to enhance Saudi Arabia's travel offerings    Red Sea Global celebrates graduation of first batch of International Hospitality Management students    Saudi Arabia bolsters digital government ties with the UK    Muslim World League inaugurates first Southeast Asian scholars council in Kuala Lumpur    Saudi Arabia welcomes UN General Assembly's endorsement of Palestine's full membership    Israeli occupation kills 28 Palestinians, injures 69 others in Gaza    UN agency says 150,000 Palestinians have fled Rafah    Al Hilal clinches Saudi Professional League title in a star-studded season    Saudi authorities recall contaminated mayonnaise after food poisoning incident at Riyadh restaurant    Al Ettifaq inflicts historic 5-0 defeat on Al Ittihad in Saudi Professional League    Saudi Arabia, Nigeria discuss agricultural cooperation and food security    Domestic tourism soars in China but foreigners stay away    Saudi science and engineering team heads to Los Angeles for Regeneron ISEF 2024    Israel heads to Eurovision final, despite protests    Rat remains found in bread sparks Japan recall and refunds    JAX District earns industrial heritage site designation in Saudi Arabia    Turki Alalshikh unveils exclusive watch to commemorate 'Ring of Fire' heavyweight title fight    Al Hilal on verge of Saudi League title with thrilling win over Al Ahli    JK Rowling in 'arrest me' challenge over hate crime law    Trump's Bible endorsement raises concern in Christian religious circles    Hollywood icon Will Smith shares his profound admiration for Holy Qur'an    We have celebrated Founding Day for three years - but it has been with us for 300    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Masdar enters into wind energy market
Published in The Saudi Gazette on 27 - 09 - 2008

Masdar, Abu Dhabi's multi-billion dollar renewable energy and clean technology initiative, bought a significant equity stake in WinWinD Oy, a Finnish wind turbine manufacturer, the Arab company said on Wednesday. This strategic move highlights Masdar's commitment to be a key player in the wind energy markets.
“Wind plays a crucial part within renewable energy as it is commercially competitive today. It is important for Masdar to be part of that growth” said Dr. Sultan Al Jaber, CEO of Masdar. “WinWinD is at an interesting phase and is set to expand into a truly global wind company servicing several key markets like Scandinavia, US, Europe, the Middle East and Asia”, he added.
WinWinD is a manufacturer active in the design, development and assembly of technologically advanced 1 and 3 MW wind turbines. Headquartered in Helsinki, Finland, WinWinD has corporate offices in Oulu, Finland and Chennai, India and following this deal there are plans to expand elements of the operation into Abu Dhabi.
The investment signals Masdar's strategy to lead in all forms of renewable energy. It allows Masdar to move rapidly into the worldwide wind market enabling it to diversify its renewable energy asset portfolio. With a string of projects already under development, buying into a turbine manufacturer underpins Masdar's strategy of investing in all aspects of the renewable energy value chain.
Masdar will work in partnership with the management of WinWinD and its majority owner, Sterling Infotech Group to accelerate WinWinD's geographic expansion in Europe, India and the Middle East. Masdar will hold three board seats on the WinWinD board and will share important experience gained in the renewable energy domain.
WinWinD, one of the top turbine manufacturers in the world in the multi-megawatt segment, has established technological expertise, and has strong growth potential. WinWinD will benefit from the investment by allowing the company to accelerate its expansion plans to enhance its position in new markets and become a significant player in the global wind energy. A large proportion of Masdar's investment in WinWinD will go into expanding its Indian operations giving the company a better global performance.
“For WinWinD, the investment is a testament to the high quality of Finnish wind energy know-how and the increasing global demand for renewable energy,” said Lassi Noponen, WinWinD's executive chairman. “The deal provides a solid basis for developing our company further. This investment also beacons the breakthrough of Winwind's utility class technology and ensures that wind energy remains a key part of the renewable energy solutions required to meet the ever increasing global demand for energy. Masdar's commitment and investment provides us with a springboard for future success,” he said.
WinWinD's low speed turbine design makes it suitable for low wind conditions while catering for high energy yield, low maintenance and longer life.
Vaidyanathan Srinivasan, group chief executive officer of Sterling Infotech Group (SIG), the main shareholder of WinWinD, said: “This deal is a great opportunity for WinWinD and its shareholders, and it will propel the company into significantly larger markets. Masdar has made a strategic move by investing in a company that has grown steadily over the past few years,” he said.
The investment will make Masdar a viable player in the wind power industries and allow it to lead the way globally in future energies. __


Clic here to read the story from its source.