The Basque Government, together with Ekarpen, will participate in the transaction through which Vicinay will become part of the industrial project led by Velora, the business group headed by Dámaso Quintana, with the aim of securing the future of one of the most emblematic companies in the Basque industrial landscape and strengthening the region’s position in the offshore wind sector. The public investment will be channelled through ECN All Wind, a division created by Velora and specialised in offshore wind energy and electricity transmission and distribution networks. The acquisition of Vicinay represents the first transaction in a growth strategy that envisages further investments. ECN All Wind has been established to drive new production and technological capabilities linked to a sector expected to play a strategic role in Europe’s energy transition.
To complete the transaction, the Basque Government will use the recently created Ezten II Venture Capital Fund, investing €7.5 million to acquire a 7.8% stake in ECN All Wind, which will own 100% of Vicinay. This institutional investment will support the industrial investor in a project aimed at ensuring the company’s continued operations, preserving its decision-making centre and maintaining its main manufacturing facility in the Basque Country.
With more than two centuries of history, Vicinay is a global leader in the manufacture of large chains and connectors used in sectors such as oil and gas and, increasingly, offshore wind energy installations. Its plant in Sestao is a first-class industrial asset and employs around 200 people in the Basque Country.
The transaction comes at a time of improving market prospects for the company. Expected growth in the energy and offshore sectors is anticipated to drive an increase in production of around 25% over the coming years.
The transaction is aligned with the strategy set out in the Industry Plan – Euskadi 2030. In this regard, the Basque Government applies the same criteria when assessing support for any industrial investor: the project must be industrially sound and future-oriented, led by an investor with a proven track record, promote quality employment and foster activity across the local supplier network.
The Basque Government also stresses that this is neither a direct involvement in the management of Vicinay nor a standalone intervention, but rather support for an industrial initiative with growth ambitions in a sector of strategic importance to Basque industry. Public participation will always remain a minority investment complementary to that of the industrial investor.
Industrial Platform
In this context, ECN All Wind has been established with the objective of building an industrial platform capable of integrating companies and capabilities across the offshore wind value chain. The incorporation of Vicinay will add a key link to that chain, leveraging its technological expertise, production capacity and international leadership in mooring and anchoring systems, essential components for the development of floating offshore wind farms.
The transaction also seeks to strengthen the Basque industrial ecosystem by generating new synergies among suppliers, technology centres and specialised manufacturers. Both Velora and the institutions involved believe that the combination of industrial expertise, financial capacity and a long-term vision provides a unique opportunity to consolidate high value-added activities in the Basque Country linked to the energy transition.
The role of the Basque Government in initiatives of this kind is to support projects with the capacity to drive broader economic development, encouraging the retention of decision-making centres, the creation of quality employment and the development of new industrial opportunities. Under this approach, public-private collaboration is viewed as a tool to strengthen sectors with strong growth potential and international reach.
Through this transaction, Vicinay embarks on a new chapter within a broader industrial project designed to capitalise on the opportunities offered by offshore wind energy. The backing of Velora and the Basque Government aims to provide the company with financial stability, investment capacity and access to new markets, while ensuring that this historic company remains firmly rooted in the Basque Country as part of its industrial heritage.
The integration into ECN All Wind also reinforces the commitment to positioning the Basque Country as a benchmark for marine energy technologies, combining industry, innovation and sustainability as drivers of growth for the coming decade.
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