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Spanish tower maker targets IPO

Partly Siemens Gamesa-owned tower manufacturer Windar has hired banks to prepare a listing, hoping for a valuation of up to a billion euros.

Photo: Windar Renovable

Daniel Alonso Group is working to get Windar Renovables listed on the stock exchange. The Spanish steel maker – which owns more than two thirds of the turbine tower manufacturer, with Siemens Gamesa holding the rest – has hired Rothschild, Morgan Stanley, Garrigues and Bank of America to prepare an initial public offering, reports Spanish newspaper El Confidencial.

The tower maker was established in 2007 as a joint venture between Daniel Alonso and Gamesa. Early last decade, it began expanding beyond Spanish borders, initially with factories on Gamesa's key market, India, and then onward to Brazil and Mexico. Most recently, the company opened a Russian tower factory near the end of 2018 in a joint venture with Rusnano, among others, and with tower delivery to Fortum/Rusnano's Vestas-equipped wind farms.

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