Platina Partners and Environmental Technologies Fund have completed a GBP20m management buy-out of TAG Energy Solutions, the UK’s first manufacturer of tubular foundation structures for offshore wind turbines.
The investment was led by Platina, a private equity firm specialising in renewable energy and special situation buyouts, and supported by Environmental Technologies Fund, a venture capital firm focussing on high-growth opportunities in the cleantech sectors.
TAG also received GBP3mof grants from the Department for Energy and Climate Change and One North East.
TAG Energy Solutions has re-developed the Haverton Hill shipyard on the River Tees in Cleveland and will operate a manufacturing facility for the construction of subsea foundations for offshore wind turbines. It will have an initial capacity of 84,000 tonnes of steel per year and will have scope for additional expansion. The facility will also create up to 400 jobs.
David Eason, chairman of TAG, says: “This is a major step forward in positioning UK manufacturing as a serious player in the creation of offshore wind farms. TAG is perfectly placed to create a world-class manufacturing facility and has a geographical advantage over international competitors. This will ensure we will be at the heart of
Sam Goss, senior investment manager at Platina says: “The supply chain for offshore wind and other renewable energy technologies is an area of particular interest for Platina buyout funds. The UK’s round three for offshore wind will create huge opportunities and we’re delighted to have invested in the country’s first offshore wind foundation manufacturer to have its own tubular can rolling capacity.”
