Gamesa agrees to sell wind farms to Iberdrola for about 900 mln eur
10.28.2005, 04:43 AM
MADRID (AFX) - Gamesa Corporacion Tecnologica SA said it reached an agreement to sell wind farms to Iberdrola SA with a total capacity of 700 megawatts for about 900 mln eur, confirming the broad details of an earlier report in Expansion.
In a statement, Gamesa said the wind farms are in development and the agreement with the Basque utility runs from 2006-2009, with the option to extend to 2012.
It said 600 MW corresponds to installations in Spain and 100 MW in Italy.
The wind turbine manufacturer noted that the two companies have been negotiating the deal for several months.
In 2002, Iberdrola acquired around 1,000 MW of wind energy installations from Gamesa, in which it owns a direct and indirect 19 pct.
