TAG Energy Solutions, UK manufacturer of foundation structures for wind turbines, has been snapped up in a management buyout funded by Plantina Partners.
Private equity firm Plantina Partners and Environmental Technology Fund (EFT) injected a combined total of £20 million into the MBO deal. Grants of £3 million provided by the government Department for Energy and Climate Change will also contribute to the funding package.
The new funding is to be used for a new manufacturing outfit for subsea foundations for offshore wind turbines.
Up to 400 jobs will be created to man the new facility in Teesside, 300 of which will focus on service orders. The firm presently employs 33 people to make the support structures for wind turbines.
TAG’s chairman David Eason said, “This is a major step forward in positioning UK manufacturing as a serious player in the creation of offshore wind farms.”
"With the support of a robust and experienced supply chain, together with a locally-sourced and highly-regarded skills base, we are perfectly placed to create a world-class manufacturing facility serving the renewable energy sector.”