Bankrupt PowerWind sells assets to buyers in Spain and India

Bankrupt German wind turbine maker PowerWind continues to wind down its business, selling its operation and maintenance unit to Spain-based Global Energy Services (GES), and much of its existing inventory and intellectual property (IP) rights to India’s RK Wind.

PowerWind, which was backed by US investment firm Warburg Pincus, filed for insolvency in April. The Hamburg-based company supplied and maintained turbines between 500kW and 2.5MW of output, with a particular focus on small, community-owned wind farms.

GES – which is majority owned by London-based private-equity firm 3i – is a leading construction and maintenance specialist in the European renewables industry, responsible for looking after 12.1GW of wind capacity and about 320MW of solar.

Among various bidders for PowerWind’s service business, GES’s German subsidiary “was able to submit the…

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