Gamesa and Areva have signed binding agreements to create an offshore wind joint venture that will leverage their collective capabilities. The new company will be ideally positioned to become a leading player in the offshore wind segment with a 2.8 GW pipeline and the objective of garnering a market share close to 20% in Europe by 2020.
According to Gamesa, the 50/50 joint venture will combine both groups' offshore businesses: technological and manufacturing expertise and extensive track records in the wind industry. Areva has developed a dedicated offshore wind turbine since 2004, reaching a 630 MW offshore installed base by the end of this year.
The closing of the transaction, which is subject to approval by the French government and the relevant competition authorities in Europe and other jurisdictions, is expected in the fourth quarter.
Gamesa notes it will contribute EUR 195 million to the project and will supply the following:
- Its 5 MW offshore turbine platform;
- Research and design (R&D) capabilities and license of the onshore technology that can be applied offshore;
- Operations and maintenance experience; and
- Supply chain access.
Areva will contribute EUR 280 million (including working capital of current business, currently estimated at EUR 70 million) and will contribute the following:
- Its 5 MW and 8 MW offshore platforms;
- a 2.8 GW pipeline, the offshore market's second largest;
- offshore R&D and engineering knowledge transfer; and
- logistics centers located in Bremerhaven (turbine assembly) and Stade (blades), Germany.
The joint venture will have registered headquarters in Zamudio while the executive committee will be based in Paris. The board of directors will have eight members, four appointed by each of Gamesa and Areva. Xabier Etxeberria, Gamesa's business CEO, will be the joint venture's chairman of the board. The new company's general manager will be Arnaud Bellanger, current executive vice president of offshore wind at Areva.
