Two offshore wind suppliers have taken over the TAG Energy facility in Teesside, it has been announced.
Germany’s EEW SPC and Bladt Industries from Denmark plan to invest up to £25 million to upgrade the facility into a manufacturing base for the offshore wind industry.
Last month TAG announced it was seeking buyers for the business after it was forced to close its Haverton Hill site following a slump in orders.
The project is expected up to 350 direct jobs in the local area.
Energy Secretary Ed Davey welcomed the news.
He said: “We’ve been working tirelessly behind the scenes to help secure this investment and it’s more evident that renewable energy is powering the economic recovery.”
He added around £45 billion has been invested in the UK’s energy infrastructure since 2010.