German energy technology company Siemens Energy AG (ETR: ENR) is about to reach an agreement to sell its 32% stake in Spanish wind turbine towers maker Windar Renovables to British investment firm Bridgepoint Group (LON:BPT), Reuters reported on Friday, citing unnamed sources.
Windar Renovables is a joint venture between Siemens Energy and Spanish industrial group Daniel Alonso.
According to a report published earlier on Friday by Spanish newspaper Expansion, Bridgepoint is about to buy the entire stake of Siemens Energy and a portion of Daniel Alonso’s 68% shareholding.
The report comes after Siemens Energy’s CEO Christian Bruch said earlier in the week that the company intends to divest “peripheral” assets.
With 1,500 employees worldwide, Windar Renovables specialises in the manufacturing of towers for wind turbines and offshore foundations. Most recently, the company was selected to produce transition pieces for the 1,400-MW East Anglia Three offshore wind project in UK waters.
Siemens Energy was formed by the spin-off of the former gas and power division of German industrial conglomerate Siemens AG.