In January, Vestas announced that it was closing the factory. But as a result of the agreement, the company says, most of the factory's 120 employees will keep their jobs.
The acquisition of the factory – which produces towers for both onshore and offshore wind turbines – establishes Titan Wind Energy's global manufacturing footprint in Europe, the companies note.
Vestas says the divestment of the facility will reduce its fixed costs while increasing partnerships and knowledge-sharing.
The agreement must be approved by Chinese authorities, which is expected to occur shortly. Vestas will transfer the facility Sept. 1.