Gamesa and Iberdrola Renewables sign the largest single purchase of wind turbines ever
The purchase will come about between 2010 and 2012 and they will be destined to wind energy promotions in Spain, the rest of Europe, the United States and Mexico. The agreement includes the wind turbines’ assembly and start-up, along with operations and maintenance services during the wind turbines’ warranty period.
The investment figure linked to this amount of wind power will reach approximately €6.3 ($9.7) billion.
Iberdrola had been signing purchase agreements with different turbine manufacturers in the last few months, but they pale in comparison with the framework agreements that have been usually signed with Gamesa, as the last one in October 2006 was also a mammoth (2,700 MW).
Strategic agreement to promote wind farms
Both companies have additionally signed an agreement on the joint promotion, development and operation of wind farms in Spain and continental Europe. In order to put this agreement into practice, two joint venture companies will be set up, one that includes the businesses in Spain and the other one that includes the businesses in some specific countries in continental Europe, and both companies will contribute with their wind farm promotions, development and operation businesses since 1st January 2008.
More specifically, Gamesa will hold a 23% stake and Iberdrola Renovables a 77% stake in the Spanish company. In the international company, Gamesa will have a shareholding of 24% and Iberdrola Renovables a 76% shareholding.
In addition, Gamesa will sell its wind energy projects in the United Kingdom, Mexico and the Dominican Republic to Iberdrola Renovables for approximately €65 ($99.7) million within a month. The total power of these projects amounts to 940 MW.