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Vestas has announced the acquisition of a 25.1% minority stake in Sowitec with an option to acquire the entire company within three years. Headquartered in Germany, Sowitec is a sustainable energy developer with around 60 wind and solar projects totalling more than 2,600MW across the globe.
Based on Sowitec’s track record within solar PV project development, the acquisition also strengthens Vestas’ offering within hybrid power plant solutions. On a stand-alone basis, Sowitec is expected to report 2018 consolidated revenues of approximately € 30 million. The acquisition, which is subject to regulatory approval, is expected to be finalised during the second quarter of 2019.