Weir Group, the Glasgow-based engineering firm, has acquired a majority shareholding in a wind turbine operating and maintenance specialist.
It revealed yesterday a deal which involves it taking a 76% stake in Ynfiniti Engineering Services (Yes), with an option to buy out the remaining 24% held by management within the next six years.
No financial value was put on the deal. Yes, which has a turnover of £8.5million and based in Madrid, Spain, works with all the multinational turbine manufacturers including Gamesa, Suzlon, Vestas, Alstom, Iberdrola Renovables, GE, Siemens and Acciona.
It has subsidiaries in Portugal, Italy and the US.
Weir chief executive Keith Cochrane said wind power continued to be a key focus for renewable energy investment globally.
He added: “Our power and industrial division is already seeing strengthening demand internationally for high-quality maintenance and upgrade services for the increasing number of windfarms.
“Yes will greatly complement Weir’s offering to this fast-developing renewable power aftermarket.”
Weir has been developing its capabilities in wind power from a service centre at Alloa.
It is, in conjunction with Yes, providing maintenance services to Alstom at ScottishPower’s Clachan Flats windfarm in Argyll.
Yes managing director Ignacio Esteve said it had started working with Weir earlier this year at Clachan Flats.
He added: “Working with Weir will transform our ability to offer on-the-ground services in new markets to leading turbine manufacturers. We are absolutely delighted at the opportunity this will offer our own employees.”
Yes has 170 staff, including 12 specialist engineers. It is also involved in the planning, management and commissioning of renewable energy projects in wind, solar photovoltaic and thermo solar. It has more than 600 megawatts of power generation under operation and management.
The deal follows Weir’s acquisition last month of hydro-power turbine components manufacturer American Hydro, based in the US state of Pennsylvania.