4 Mar 2024 11:16

Windarseverstal changes name to Severstal Steel Towers

ROSTOV-ON-DON. March 4 (Interfax) - Manufacturer of towers for wind turbines Windarseverstal LLC (formerly VRS Towers LLC, a former joint venture of the Spanish Windar Renovables S.L. and Severstal) has changed its name to Severstal Steel Towers LLC.

These changes were made in the Unified State Register of Legal Entities on March 1, 2024. The company's owners and general director remain unchanged.

As previously reported, in January 2024 Windar Renovables S.L. withdrew from its 51% stake in the ownership structure of Windarseverstal LLC, a manufacturer of towers for wind turbines. The Unified State Register of Legal Entities now shows that New Solutions and Technologies LLC (St. Petersburg), which specializes in managing holding companies, own 51% of the shares in the joint venture. The share of the other partner, Severstal , remains at 49%.

New Solutions and Technologies LLC was registered in May 2023 with a charter capital of 100,000 rubles. The sole owner of the company is its director Sergei Bobrov, the Unified State Register of Legal Entities shows.

Windarseverstal was created in Taganrog in 2018 as a tripartite joint venture of Severstal, Rusnano and Windar Renovables S.L. and was called "VRS Towers". Severstal increased its share to 49% in 2021 by purchasing the Rusnano stake, and that same year the JV changed its name to Windarseverstal.

Severstal stated in 2023 that it is still interested in projects in the renewable energy sources (RES) sector, despite the departure of several companies from the Russian market. "We are ready to be a key partner for those integrators who will take the place of companies that, unfortunately, have left," Dmitry Goroshkov, Severstal's director of work with energy companies and infrastructure projects, told Interfax last summer.

Severstal's technological chain for the production of towers for wind turbines was tied primarily to orders from Vestas and Fortum, and now it is obviously being transformed, Goroshkov said.

Windarseverstal LLC earned a RAS net profit of 102 million rubles in 2022, which a 92% decrease versus the previous year. Revenue decreased 77.8% to 920 million rubles. Data for 2023 have not yet been published.

Severstal was included in the U.S. SDN List in the summer of 2022 along with principle owner Alexey Mordashov and members of his family; Mordashov was also included in the European sanctions list. Australia and the UK imposed sanctions against Severstal in 2023.