South Korea’s CS Wind has taken a majority stake in Portuguese fabrication yard ASM Industries.
CS Wind did not disclose how much it had paid for its stake in ASM but said the deal is part of its bid to take a “dominant position” in turbine towers and foundations in the European offshore wind market.
“The European market is leading the growth of global offshore wind power and this cooperation aims to expand the production of offshore wind towers,” the company said.
CS Wind said it hoped the collaboration will also “create [a] new business opportunity in then foundation market”.
The company intends to supply monopile foundations to projects in Europe within the next two to three years, and said it believes monopiles will make up 80% of all foundations globally in the future.
ASM operates two fabrication yards in Portugal, comprising an onshore tower facility in Sever do Vouga and a factory that makes offshore towers in Aveiro.
The deal is the latest by CS Wind as part of its push into the global wind market.
Last month the company acquired a US tower plant from Vestas and announced it would expand production at one of its Turkish entities.