Platina Partners and Environmental Technologies Fund (ETF) have completed a Management Buy-out of TAG Energy Solutions Ltd (TAG), a manufacturer of tubular foundation structures for offshore wind turbines.
The investment was led by Platina, a private equity firm specialising in renewable energy and special situation buyouts, and supported by ETF, a venture capital firm focussing on high-growth opportunities in the Cleantech sectors. TAG also received GBP 3 million of grants from the Department for Energy and Climate Change and One North East. Based at TAG’s Haverton Hill site on the North Bank of the River Tees, the project will see the creation of an automated tubular production facility for the rolling and welding of large diameter steel cans and the assembly and outfitting of subsea foundations for offshore wind turbines. The facility will have an initial capacity of 84,000 tonnes per year with scope for additional expansion and will create 400 jobs locally.
The investment was led by Platina, a private equity firm specialising in renewable energy and special situation buyouts, and supported by ETF, a venture capital firm focussing on high-growth opportunities in the Cleantech sectors. TAG also received GBP 3 million of grants from the Department for Energy and Climate Change and One North East. Based at TAG’s Haverton Hill site on the North Bank of the River Tees, the project will see the creation of an automated tubular production facility for the rolling and welding of large diameter steel cans and the assembly and outfitting of subsea foundations for offshore wind turbines. The facility will have an initial capacity of 84,000 tonnes per year with scope for additional expansion and will create 400 jobs locally.