Spanish utility company Iberdrola Renewables and Spanish wind turbine manufacturer Gamesa have signed a wind turbine supply contract representing a total capacity of 4,500 MW, for delivery between 2010 and 2012. The investment for the wind power projects where the turbines will be assigned is approximately 6.3 billion euros, a figure that includes the turbines and other costs, such as transport, civil works and interconnections.
Under the terms of the agreement, Iberdrola will assign the wind turbines to projects in Spain, Europe, the U.S. and Mexico. The contract covers installation and startup of the turbines, as well as operational services and maintenance during the life of the guarantee.
The two companies have also signed a strategic agreement to pool their businesses in promotion, development and exploitation of wind farms in Spain and continental Europe, which will increase its potential for future development and growth. For this purpose, they are creating two joint companies, one in Spain and the other abroad, to which they will assign the businesses of promotion, development and exploitation in those territories from the closing of the agreement.
In Spain, Iberdrola will hold 77% of the new company, and Gamesa will hold 23%. The shareholdings will be 76% and 24%, respectively, in the other international company.
SOURCE: Iberdrola Renewables