CS Wind is acquiring Danish offshore wind power infrastructure company Bladt Industries for KRW26.9bn (€18.9m), marking the Korea-headquartered firm’s entry into Europe’s offshore wind substructure sector.
Wind turbine tower manufacturer CS Wind has agreed to buy Bladt from Nordic Capital.
Established in 1965, Bladt produces all the substructures that support offshore wind turbines. These support structures are located under the offshore wind turbine and installed in the seabed.
“As demand for offshore wind power is expected to grow explosively over the next 10 years or more, this acquisition will be a historic turning point for CS Wind to expand its scope from wind tower business to offshore wind power substructure business in all directions,” an official from CS Wind said.
The official added: “As the demand for ultra-large substructures of 3,000 tonnes or more is expected to continue to increase, we will further expand our leading market dominance in the superstructure and substructure business within the offshore wind power supply chain.”
Michael Glavind, interim CEO of Bladt Industries, said: “Our company has undertaken an impressive transformation in recent years, to better align our offering with the global need for an expansion of offshore wind farm capacity and become a leading supplier.
“With CS WIND as our new owners, Bladt will have a strengthened offset to further progress this journey. Having an owner that already knows and understands the offshore wind market and the complexities of steel construction will benefit us – and therefore also our customers – tremendously.”
Olof Faxander, senior partner at Nordic Capital Advisors and board member of Bladt Industries, said: “As a leading turbine tower manufacturer with a long industry track record, a truly global reach, strategy, and a strong platform, CS Wind will be a strategic fit for Bladt Industries. They will support the company´s commitment to innovate and accelerate a greener future, replacing fossil fuels with cleaner and more sustainable energy solutions.”
To read the latest edition of the latest IPE Real Assets magazine click here.