Gamesa Corporación Tecnológica's Board of Directors has
approved a historic agreement GAMESA has reached with Iberdrola Renovables,
involving the largest ever purchase and sale agreement of wind turbine
generators in the history of the wind energy sector amounting to a total power
of 4,500MW.
This agreement was complemented by the signing of a strategic wind
farm agreement through which both companies' competencies in the promotion,
development and operation of wind energy projects in Spain and continental
Europe will be merged. According to the agreement's terms and conditions, the
purchase and sale of wind turbine generators 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 billion. In addition to the cost
of the turbines supplied by Gamesa, this figure additionally includes other
items like transport, civil works and all electrical connections of both the
wind farms as well as to the electricity grid.
Gamesa and Iberdrola Renovables 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. 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.
Gamesa and Iberdrola Renovables 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. 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.