16 Apr 2024 18:37

Severstal now sole owner of former JV with Windar

MOSCOW. April 16 (Interfax) - PJSC Severstal has acquired New Solutions and Technologies LLC, which owned a 51% stake previously held by Spain's Windar Renovables in a joint venture with Severstal, which owns the remaining 49%, for the manufacturing of towers for wind turbines.

Unified State Registry of Legal Entities (USRLE) data indicate that Severstal has owned 100% of New Solutions and Technologies since April 8.

The three-party JV between Severstal, Rusnano state corporation and Windar Renovables was established in 2018 and was called VRS Towers. Severstal increased its stake to 49% in 2021 by purchasing Rusnano's stake, and the JV was renamed WindarSeverstal in the same year. Windar Renovables exited ownership of WindarSeverstal following the implementation of sanctions restrictions against Severstal and its main shareholder, Alexei Mordashov, in January 2024. Windar Renovables' 51% stake was transferred to New Solutions and Technologies LLC, St. Petersburg, which was registered in May 2023 with equity capital of 100,000 rubles. USRLE data indicate that Sergei Bobrov is the sole owner of the company. The JV was renamed Severstal Steel Towers LLC in March this year.

Consequently, Severstal is currently the sole owner of the Taganrog-based enterprise that manufactures towers for wind turbines.

Severstal Steel Towers LLC saw net profit to Russian Accounting Standards plunge 76.2% to 24.2 million rubles in 2023. Revenue plummeted 95.5% from 920.2 million rubles to 41.4 million rubles. The company swung to losses from sales totaling 170.2 million rubles in 2023 from a profit of 16.769 million rubles in 2022.