SSE and Marsh have formed Wind Towers Ltd to manage the plant.
The acquisition is being part funded by the Highlands and Islands Enterprise (£3.4 million) while Argyll and Bute Council has committed to a £12 million upgrade of the local infrastructure.
SSE chief executive Ian Marchant said the focus of the new company would be on fulfilling its current order book. It would also be "using the excellent facilities available at the site to make the most of the expanding market for offshore wind turbines."
In January, Siemens agreed a deal with the administrators to provide short-term funding for the factory in order to fulfil a tower order for the 69MW Clyde wind farm.