Published: 09 March 2012 09 March 2012
Gamesa has signed a deal to sell four wind farms in the USA, with combined capacity of 480MW, to Canada’s Algonquin Power & Utilities Corp. (Algonquin) for approximately US$900 million (€ 700 million).
These wind farm projects will be outfitted with 240 of Gamesa’s G9X-2.0MW turbines and are sited in high wind resource areas: Pocahontas Prairie (80MW) in Iowa; Sandy Ridge (50MW) in Pennsylvania; Senate (150MW) in Texas; and Minonk (200MW) in Illinois. Gamesa is developing and constructing the projects, which will be commissioned during 2012: 80 MW have been fully commissioned, while the remainder are under various stages of construction. In addition, Gamesa will provide O&M and asset management services during 20 years for each of the wind farms comprising the portfolio. The transaction in its entirety generates a contribution to the group Ebit of approximately US$35 million (€ 26,5 million), excluding the operation and maintenance (O&M) contract result. Concurrently with the development of this market transaction, Gamesa and Algonquin have entered into a joint Development Agreement to pursue additional wind power development opportunities in the United States and Canada. Under the agreement, Algonquin will be provided visibility into Gamesa’s pipeline of 3,500MW of near and medium term wind power development opportunities in the United States. Gamesa will have the opportunity to work with Algonquin to advance and expand Algonquin’s 325MW pipeline of contracted development projects.