Case Studies

Sale of UpWind Solutions to Vestas Wind Systems


  • On December 7, 2015, Vestas Wind Systems (“Vestas”) announced its acquisition of UpWind Solutions (“UpWind”) for $60 million


  • UpWind is a leading wind Operations and Maintenance (“O&M”) independent service provider in North America
  • Upwind operates and maintains a 3 GW fleet in North America, including GE, Siemens, Vestas, Gamesa, Acciona, Clipper and Mitsubishi turbine platforms
  • Upwind supplies parts for most major turbine technologies, performs blade inspections and offers various performance upgrades
  • The company is headquartered in San Diego, CA and employs about 310 employees
  • In 2015, Upwind reported consolidated revenues of $55 million and EBITDA of $3.4 million
  • UpWind’s investors included MissionPoint Capital Partners, Kleiner Perkins Caufield& Byers, Northgate Capital and BP Ventures


  • Vestas is a Danish manufacturer, seller, installer and servicer of wind turbines
  • Vestas is a €13.5 billion market capitalization company established in 1979 and headquartered in Denmark
  • Vestas has delivered 66 GW (55,743 wind turbines) in
    73 countries and has manufacturing facilities in North and Latin America, Europe and Asia
  • Vestas has identified Operations & Maintenance services as a core strategic growth area

Greentech’s ROLE

  • Greentech served as exclusive financial advisor to UpWind and ran a targeted outreach process to assess strategic interest in wind power O&M without signaling that UpWind was “in play”
  • Greentech developed a bespoke process to meet the needs of UpWind and its shareholders such as executing a staged diligence process to protect commercially sensitive information and coordinating senior executive-level engagement to craft a commercial merger agreement
  • Greentech provided insight on market conditions and strategic interest in O&M among industrial incumbents from multiple segments of the wind and power services value chain and evaluated a sale versus a capital raise for existing shareholders


  • The acquisition of UpWind gives Vestas a cornerstone platform to build its Operations & Maintenance business in North America, providing the ability to address multiple turbine platforms and scale in multiple geographies
  • Being part of Vestas will enable UpWind to grow more quickly and leverage Vestas’ global sourcing network and experience

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