Spain's Windar Renovables exits the joint venture (JV) with Severstal, shaking up wind turbine tower production. Windar Renovables relinquishes its 51% stake in Windarseverstal, now owned by LLC New Solutions and Technologies (St. Petersburg) at 51% and Severstal at 49%. The JV's evolution, including Severstal's resilience amid industry shifts and the impact of sanctions, unfolds as the Russian steel giant adapts its renewable energy strategy.
In a strategic maneuver, Spain's Windar Renovables bids adieu to its role in Windarseverstal LLC, altering the landscape of wind turbine tower manufacturing. The joint venture (JV), initially a tripartite collaboration involving Severstal, Rusnano, and Windar Renovables, witnesses a significant shift in ownership structure.
As per the Unified State Register of Legal Entities, LLC New Solutions and Technologies now claims a majority stake of 51%, inheriting Windar Renovables' former share, while Severstal retains its 49% ownership. The reshuffling of stakeholders marks a new chapter for Windarseverstal, established in Taganrog in 2018.
Severstal, a key player in Russia's steel industry, remains steadfast in its commitment to the renewable energy sector. Dmitry Goroshkov, Severstal's director for energy companies and infrastructure projects, expressed the company's resilience despite some players exiting the Russian market. Severstal aims to position itself as a key partner for emerging integrators stepping into the renewable energy landscape.
The evolution of Severstal's technological chain for wind turbine tower production comes at a time when the company faces external challenges, including sanctions. In 2022, Severstal, along with its main owner Alexei Mordashov, found a place on the SDN List, and in 2023, Australia and the United Kingdom imposed sanctions.
Windarseverstal LLC's financial performance in 2022 reveals a shift, with net profit declining to 102 million rubles, a 12.5-fold decrease from the previous year. Revenue also faced a significant contraction, falling 4.5 times to 920 million rubles. The data for 2023 is yet to be disclosed, adding an element of anticipation to the JV's trajectory.
The departure of Windar Renovables and the reconfiguration of Windarseverstal underscore the dynamic nature of the renewable energy sector and Severstal's commitment to adapting to industry changes.
Windar Renovables' exit from the Windarseverstal joint venture marks a transformative moment in the wind turbine tower manufacturing landscape. As ownership shifts, Severstal stands resilient in its commitment to renewable energy, positioning itself as a key player amidst industry shifts and external challenges, including sanctions. The altered ownership structure prompts reflection on the adaptability of companies in the face of evolving market dynamics, emphasizing the ongoing transformation in the renewable energy sector.