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Strategic shift: Siemens Gamesa sells Windar Renovables stake

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 22/05/2023 Bridgepoint

Windar Renovables, a global manufacturer of towers and foundations for onshore and offshore wind turbines, and its shareholders, Grupo Daniel Alonso and Siemens Gamesa, have reached an agreement with Bridgepoint, who will invest through Bridgepoint Europe VII, for the sale of a majority stake in the company.

Founded in 2007 and headquartered in Avilés (Asturias), Windar Renovables operates ten manufacturing plants over five continents, seven of them located in Spain and the remaining three located in Brazil, India and Mexico.

Orlando Alonso Villarón, Windar’s Executive Chairman and CEO, will continue to hold his position and will keep a minority stake in the company post transaction, while Siemens Gamesa will continue to be a strategic client for Windar in this next phase.

Orlando Alonso, Windar’s Executive Chairman and CEO, stated: “Bridgepoint has demonstrated a deep understanding of our market and shares our team’s long-term strategic view; we are convinced that Bridgepoint is the ideal partner to support and accelerate Windar’s business plan for the coming years. We are sure that Bridgepoint will be a driving force in Windar’s expansion and in the execution of the solid project pipeline we have secured over the last few years.”

Héctor Pérez, Bridgepoint Europe Partner, added: “Bridgepoint has followed Windar Renovables’ outstanding journey closely over the last five years and we are delighted to partner with Orlando Alonso and his exceptional team. Windar is a company that is at the forefront of renewable energy development, with a leading position in the manufacture of wind towers and foundations, and ideally positioned for the increasing demand for wind energy, both offshore and onshore. We are very pleased to support the company in its next expansion phase.”

Jochen Eickholt, CEO of Siemens Gamesa, declared: “The sale of Siemens Gamesa’s stake in Windar is a natural decision for us, as part of our strategy to focus on our core business: wind turbine design, manufacturing, installation and maintenance. We are convinced that the entrance of Bridgepoint in the capital of Windar will enhance the growth strategy of the company. Siemens Gamesa and Windar will continue their long-lasting strategic partnership, both in onshore and offshore, with several long-term supply agreements”.

The transaction, which is expected to close during the second half of this year, is subject to regulatory approvals and other standard conditions. Rothschild & Co, Garrigues and EY have advised Windar in the transaction, while Bridgepoint has been advised by Citi, Uría, BCG and KPMG. Siemens Gamesa was advised by Gómez-Acebo & Pombo.

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