UPDATE - Bridgepoint to take control of Windar

British investment firm Bridgepoint Group (LON:BPT) announced on Monday it is taking control of Spanish wind turbine towers maker Windar Renovables as part of its global commitment to the energy transition.

In a press statement, the private equity firm said that Bridgepoint Europe VII will acquire stakes from both Spanish industrial company Grupo Daniel Alonso, which is the current majority owner with a 68% interest, and wind turbine manufacturer Siemens Gamesa. The unit of Siemens Energy AG (ETR:ENR), currently the owner of the remaining 32%, confirmed its Windar exit earlier in the day.

Under the terms of the transaction, Grupo Daniel Alonso's head Orlando Alonso will continue to act as CEO of Windar, and will retain an indirect minority stake in the company.

The deal, whose financial details were not disclosed, is expected to complete before the end of 2023, subject to customary closing conditions.

Bridgepoint stated that it will support Windar in its upcoming growth phase.

With 1,500 employees worldwide, Windar Renovables specialises in the manufacturing of towers for wind turbines and offshore foundations. Most recently, the company was selected to produce transition pieces for the 1,400-MW East Anglia Three offshore wind project in UK waters.

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