The deal, which still has to be ratified by shareholders in June, will see Electrawinds handed €95.4 million for further expansion.
Electrawinds shareholders will receive €14.6 million and will hold 76.2% of the shares in the new company. In 2011, the company had an installed wind capacity of 173MW out of a total of 251MW (including solar and biomass).
European CleanTech CEO Sven-Roger von Schilling said: "We are convinced that with Electrawinds we have identified an outstanding company of the cleantech sector, whose attractive business model and solid performance promise long-term growth.
"The Group with a company value of approximately €750 million has a competitive advantage thanks to its many years of experience in all phases of project development to operation of renewable-energy power plants as well as its international market presence and high degree of technological diversification."
Electrawinds founder Luc Desender said: "Thanks to this business combination, we are going to increase our visibility on the market and strengthen our market position in the long term. We are going to invest the additional equity capital of up to €95.4 million in future growth to accelerate our international expansion."