Wind turbine manufacturer Vestas is widening its presence in the renewable energy value chain by purchasing a quarter of developer and fund manager Copenhagen Infrastructure Partners (CIP).
The OEM said it will acquire the ownership stake in its fellow Danish company for €500m ($612.8m), in the form of €180m as upfront payment, and €320m as an earnout.
“The global transition towards a decarbonised energy system demands increased deployment of renewable energy, and more extensive supportive infrastructure,” Vestas chief executive Henrik Andersen said.
