Vestas had decided to close the said facility back in January 2012.

Giving greater thrust to its partnership with Titan, the disinvestment allows Vestas to reduce its fixed costs at the closed facility.

For Titan Wind the acquisition marks its first footstep in Europe.

Titan Wind Founder and CEO Yan Junxu said the deal will increase the possibilities of servicing and expanding its global customer base.

"The location of our European headquarters in Varde is optimal because we see Denmark as the focal point for the global wind industry," added Junxu

With the agreement already signed between Vestas and Titan, the new Chinese owners must now await approval by its national authorities before the actual transfer happens.