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Finland

Finland

Bankrupt WinWind finds buyer

FINLAND: Swiss investment firm Business Creation Investments has agreed to acquire the bankrupt Finnish turbine manufacturer WinWind.

WinWind manufactured 1MW and 3MW turbines
WinWind manufactured 1MW and 3MW turbines

A spokesperson for Business Creation Investments confirmed it is to buy the company. It was unable to give any more details because the deal has not been closed. It is expected to be completed before the end of May.

The deal includes all of the assets held by WinWind, but it is unclear whether the business will continue to be run as a turbine manufacturer.

There was no response from WinWind when Windpower Monthly attempted to contact the company through its main contact number.

Last October, WinWind submitted a voluntary petition for bankruptcy and entered administration after incurring what it described as heavy losses.

WinWind, which manufactured 1MW and 3MW turbines, said it has accrued around EUR 300 million in debt. According to our sister site Windpower Intelligence, the company did not install any turbines in 2012 or 2013.

The company employed a total of 130 employees based in Finland and Sweden.

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