Home / Press Releases / Severstal increased its stake in JV Bashni VRS to 49% by purchasing 24.5% from RUSNANO

Severstal increased its stake in JV Bashni VRS to 49% by purchasing 24.5% from RUSNANO

Press Releases

PJSC Severstal bought 24.5% from one of the partners of the VRS Bashny joint venture - JSC RUSNANO. The deal was closed in September 2021, as a result of which Severstal's share in the joint venture increased to 49%. The share of another partner - the Spanish company Widar Reovables S.L. - remains at the same level of 51%.

RUSNANO's decision to withdraw from the project for the production of a tower for wind power plants (WPP) in Taganrog was made after the joint venture reached the planned economic indicators.

VRS Towers is a joint venture of Severstal, WidarReovables SL and RUSNANO was established in 2018. Initially, the partners' shares were distributed as follows: Widar Reovables - 51%, RUSNANO and Severstal 24.5% each. Two years later, "VRS Towers" reached the design capacity, which is up to 145 towers per year. This is the number of wind turbine towers that were produced in 2020. Since the beginning of its operation, the enterprise has produced more than 340 steel wind turbine towers. During the existence of Bashny VRS, more than 1 billion rubles have been invested in its development.

Today Bashni VRS is a leading manufacturer of wind turbines in Russia. “Green” power plants built using the company's equipment have already been installed in the Kamensky, Azov and Verkhnedonsky districts of the Rostov region, as well as in the Murmansk region. VRS Towers also plans to export products.

Steel blanks for wind turbine towers are manufactured at the service metal center in Kolpino (SMTs-Kolpino, the enterprise is part of the Severstal Russian Steel division). The supply of steel products from Severstal guarantees the raw material security of the project and quality control along the entire technological chain.

“Increasing the share in the joint venture was a logical step towards strengthening Severstal's presence in the dynamically developing renewable energy market. Over the three years of its existence, the joint venture has shown good results, becoming a partner of the world leaders in the wind power plant market - Siemes Gamesa and Vestas. The management of "Towers VRS" is actively negotiating with potential customers on the supply of wind turbine towers; we plan to start shipping the first export orders in 2022. We see the greatest potential in the CIS countries, where wind energy is now beginning to emerge, as well as in Northern Europe. Our company pays special attention to environmental issues, and building up its presence in equity capital in VRS Towers fully complies with Severstal's ESG strategy, noted Severstal CEO Alexander Shevelev .

“The cycle of project support from RUSNANO as a development institution that forms innovative ecosystems along the entire value chain, including production and education, has been successfully completed and, in accordance with its mandate, RUSNANO has withdrawn from the project. RUSNANO does not plan to stop there and, together with Widar, Vestas and Severstal, is discussing the possibility of expanding the range of products manufactured by the enterprise, both for the needs of the future CSA RES 2.0 program, and for the potential production of towers for offshore wind turbines, including for the construction of provide green electricity for the production of green hydrogen, "said Alisher Kalanov, Head of the Investment Division of RUSNANO Management Company.

Thanks to its well-considered actions, RUSNANO has become a key player in the implementation of the project and has allowed Widar Reovables to strengthen its positions in the Russian market. As a result of this interaction, Widar Reovables and RUSNANO have established a fruitful business relationship, which we appreciate very positively in the focus of what they brought us, ”said Justo Acedo, CEO of Widar Reovables.

For reference :

The steel tower of the wind turbine is a hollow structure from a set of cylindrical sections of a conical shape, on which the nacelle and the rotor of the wind turbine are installed, in order to contact the rotor mechanism of the wind turbine with the wind flow. Steel towers are made from steel sheets pre-cut to a certain size, which are then rolled and welded together with subsequent finishing, painting

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