Mitsui Invests in Spanish Turbine Tower & Flange Manufacturer
Mitsui & Co., Ltd. has entered into an agreement to invest in Gonvarri Eólica, S.L., which controls the GRI Renewable Industries Group of Spain, a manufacturer of wind turbine towers and flanges for wind power generation.
Agreement documents were signed on March 5, 2015. Subject to regulatory approvals by the relevant authorities, Mitsui will acquire a 25% shareholding in Gonvarri Eolica by accepting a third-party new share allotment by Gonvarri Eolica and buying shares from existing shareholders.
The Gonvarri-Gestamp Group is globally active in the areas of pressed automotive parts, steel processing, wind and solar power generation, and wind turbine towers and flanges.
GRI manufactures steel towers to support wind power generators, as well as large-scale flanges, which are key component of towers, and supplies these products to major wind turbine manufacturers. It is one of the world’s leading manufacturers in terms of both production capacity and net sales. Currently GRI has 10 manufacturing plants in Spain, Brazil, China, Turkey, India and South Africa and is able to supply towers and flanges of consistent quality to globally active wind turbine manufacturers.
Mitsui has identified electric power, including wind power, as a core business segment in line with its goal of contributing to “new nation building and business expansion from infrastructure”, which is one of the seven “Key Strategic Domains” in our Medium-term Management Plan, and we are working to expand our value chains in this area.
Mitsui and GRI will explore opportunities to make a continuing contribution to globally prevailing wind power, including the possible establishment of new manufacturing plants in Asia and America, where future expansion of demand is expected, and in Europe for newly developed offshore wind power.