British energy company SSE has agreed to divest its 80% stake in the Wind Towers Scotland (WTS) factory to South Korean wind tower producer CS Wind.
WTS was established in 2011 as a joint venture between SSE and Highlands and Islands Enterprise. It supplies wind turbine infrastructure to markets across Europe, in addition to providing repair and maintenance services to the wind industry.
SSE procurement director Sandy Biggar said: "SSE has been a committed custodian of the Wind Towers factory for over five years and we have worked hard to help the business keep going in a challenging economy and become a success for rural Argyll.
"Transfer of our stake in the business to CS Wind at this point represents a renewed growth opportunity for Wind Towers and job security for the staff there on top of increased employment opportunities for skilled workers based in Argyll and Bute."
CS Wind plans to invest nearly £14m in the business and create 70 new jobs in rural Argyll. It also plans to begin production of towers for the offshore wind market at the factory.
WTS will become the first factory in the UK to commercially produce offshore wind towers.
WTS managing director Grant McPherson said: "We are immensely pleased CS Wind has announced this major investment in Scotland.
"Machrihanish is an ideal location for wind tower manufacturing with an excellent reputation and highly skilled workforce.
"The team at Wind Towers is completely supportive of this development and already looking forward to the opportunities to come as CS Wind has stated it has big plans to build on the current success of the factory."
Image: (left to right) Sandy Biggar (Director of Procurement and Logistics, SSE) and Grant McPherson (MD of Wind Towers Scotland). Photo: courtesy of SSE.