Wind turbine maker Vestas has acquired US-based wind service provider UpWind Solution Inc. and its subsidiaries for US$60 million.
The US$60 million price tag is on a debt and cash free basis. The amount has been paid in cash from readily available sources. The acquisition has already closed.
UpWind Solutions services wind power plants in nine US states with a total capacity of more than 3 gigawatts. The wind power plants under service include turbines from a number of manufacturers. UpWind Solutions also supplies parts for most major turbine technologies, performs blade inspections, and offers various performance upgrades.
“The acquisition accelerates our profitable growth strategy and helps Vestas to capture the full potential of the service business. We are broadening our capabilities and increasing the size of our addressable market for all major turbine technologies. In short, the acquisition is a strong strategic fit,” said Vestas’ Senior Vice President Christian Venderby, Global Service.