Specialist small wind turbine maker Gaia-Wind has been saved from collapse thanks to a Gulf-based investor.
The Scots renewables firm – billed as a world leader in its field – has secured a deal with a backer from oil-rich Dubai.
The sum put forward by International Power and Water Investments (Holdings) Limited (IPWI) has not been disclosed.
However, it will see the company, based on the outskirts of Glasgow, operate under the new name of Gaia Wind (Green Energy Solutions) Limited, with its registered office in Edinburgh.
The move comes three months after Gaia-Wind called in liquidators, a development industry body Scottish Renewables described as a “blow” to domestic manufacturing.
The organisation further claimed this was proof that London-led cuts to renewable energy subsidies was having “very real effects” on the sector.
And trade organisation RenewableUK said government policy changes were a “key factor” in the demise of one of the industry’s “best-known and most iconic companies”.
Announcing that the company had “been revived”, IPWI praised its output, which has seen almost 2000 small wind turbines deployed across 500 sites worldwide.
Alistair Munro of IPWI, who will now become Gaia Wind’s chairman and chief operating officer, said its “excellent reputation” and reliable products give it “the basis for a strong long term business”.
IPWI also holds a significant interest in Blackpool wind turbine firm 4 Nativas.
Munro went on: “Gaia Wind offer the best price, performance and reliability in the small scale wind turbine market, and even now we are seeing demand for the product across the UK and internationally.
“In addition to the current demand we are seeing, we will also be looking to create synergies with our existing investment into 4 Navitas, support our existing client base in our current markets and expand the international reach of the Gaia Wind business especially into emerging markets where wind resources mean reliable power for small communities and industry.”