Vestas has acquired bankrupt Polish fabricator ST3 Offshore following an auction today, with a bid totalling PLN 170.5m (€36.3m).
It follows several unsuccessful attempts to sell the business since 2021.
ST3 Offshore confirmed RPGZ XXVIII sp. o.o., a Vestas special purpose vehicle, had been selected after making the highest bid.
“We are currently initiating proceedings regarding all contracts at individual stages of the proceedings for the sale of the bankrupt enterprise in its entirety,” the Polish company stated.
Writing on LinkedIn, Natural Power business development manager for the Baltics region Krzysztof Jaworski said the acquisition of ST3’s infrastructure will play a “crucial role” in supporting Vestas’ Polish expansion ambitions, enabling the construction of a new factory in Szczecin for the assembly of nacelles and hubs.
“Over the past two years, numerous auctions and attempts to sell the struggling ST3 Offshore business have taken place, with little success,” he said.
“Despite the evident interest from industry players, no viable offers were submitted in previous rounds.
“This acquisition marks a turning point for the Polish wind industry, and we look forward to witnessing the continued growth and success of offshore wind energy in the region.”
The sixth tendering exercise for ST3 Offshore was launched last month with a reserve price set at PLN 164.3m (€34.4m).
The Szczecin yard near the German border covers an area of 220,000 square metres and includes a 100,000 square metre fabrication hall and riverfront quay for loading out components.
ST3 first went up for sale in February 2021 with the local court officially declaring the company bankrupt at the end of March that year.