Russian steelmaker Severstal has announced that it has entered into an agreement with Russia-based energy company Rusnano and Spanish company Windar Renovables to establish a joint venture (JV) for the production of steel towers for wind power plants.
The joint venture will produce steel towers in the Rostov region. At the first stage, the total investment in the project will be more than RUB 750 million ($11 million). In the joint venture, Windar Renovables will have 51 percent of shares, while Rusnano and Severstal will each own 24.5 percent of shares.
Severstal stated that it will also supply steel plates necessary for the production of towers on competitive terms.