Masdar powers into wind sector

Abu Dhabi's high-profile Masdar cleantech investment group made its first move into wind power this week, shelling out €120m (£95m) for about a 40 per cent stake in Finnish wind turbine manufacturer WinWinD.

The money will be used to expand WinWinD's Indian operations, where the firm is building a factory near Chennai, partly funded by the country's Sterling Infotech Group.

"Wind plays a crucial part within renewable energy as it is commercially competitive today. It is important for Masdar to be part of that growth," said Dr Sultan Al Jaber, chief executive at Masdar.

"WinWinD is at an interesting phase and is set to expand into a truly global wind company servicing several key markets such as Scandinavia, the USA, Europe, the Middle East and Asia," he added.

WinWinD's low-speed turbine design is targeted at countries with wind conditions that are regarded as too low-speed for many turbines.

The move further fleshes out Masdar's cleantech portfolio, adding wind to its already substantial presence in the solar sector.

Earlier this year, the fund teamed up with General Electric as part of a multimillion-dollar partnership designed to bolster clean energy research and develop a cleantech hub in the Middle East.

It has also recently invested in a petroleum clean-up firm, and in May announced a $2bn (£1bn) investment in thin-film solar manufacturing.