AREVA and Gamesa Signed Binding Agreements for the Creation of a Global
Leader in the Offshore Wind Segment
*The joint venture will develop exclusively both partners’ offshore
*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 of close to 20% in Europe by 2020.
MADRID & PARIS -- July 7, 2014
Regulatory News :
Gamesa and AREVA (Paris:AREVA) signed binding agreements for the creation of a
joint venture in the promising offshore wind energy industry, culminating the
exclusive talks initiated last January. 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.
The closing of the transaction is expected to be secured by the fourth quarter
of this year, subject to the approval by the French Government and the
relevant competition authorities in Europe and other jurisdictions.
The 50/50 joint venture will combine both groups’ offshore business:
technological and manufacturing expertise and extensive track records in the
wind industry. Areva has succesfully developped a dedicated offshore wind
turbine since 2004, reaching a 630 MW offshore installed base by the end of
2014. while Gamesa brings its technological know how, underpinned by a 20-year
track record in the entire value chain.
More specifically, Gamesa will contribute the following assets to the new
joint venture, valued at €195 million:
*Its 5 MW offshore platform.
*Offshore R&D knowledge transfer and license of the onshore technology
which can be applied offshore.
*Extensive Operations & Maintenance prowess, with 20 GW of onshore capacity
*Its industrial know-how and supply chain access, both of which are key to
AREVA will contributeassets valued at €280 million (including working capital
of current business, currently estimated at €70 million, amount to be
confirmed at closing of transaction):
*Its 5 and 8 MW offshore platforms.
*A 2.8 GW pipeline, the offshore market’s second largest.
*Offshore R&D and engineering knowledge transfer.
*Dedicated offshore manufacturing and logistics capabilities, specifically
its industrial and logistics centres in Bremerhaven (turbine assembly) and
Stade (blades), both in Germany.
In addition, the agreements envisage making Gamesa a preferred supplier of
parts to the joint venture.
The new company will be ideally positioned to become a leading player in the
offshore wind segment: it expects to garner an expanding market share in
Europe by 2020, underpinned by its pipeline, with projects in Germany, France
and UK. Europe is the main offshore market, where installed capacity is
expected to exceed 25 GW in 2020. From the outset, the joint venture will
boast numerous committed customers amongst which Iberdrola and the GDF
Suez-EDPR-Neoen Marine consortium. The joint venture is also well positioned,
thanks to both partners extensive track record to take advantage from the
great potential of the Asian market, where forecasts indicate an installed
capacity of 18 GW within the same time horizon.
The joint venture will have two 5 MW platforms, which will allow the new
company to address market requests with greater flexibility. It will work on
the optimization of the AREVA’s M5000, as well as Gamesa's 5.0 MW offshore
turbines. The joint venture will also further develop its upcoming 8 MW
platform, in order to continue to be a driving force in lowering the levelized
cost of energy of offshore wind. The joint venture will benefit from the
recently won 1 GW pipeline in France’s offshore round 2, where the 8 MW is set
to be installed by 2021.
The JV will fulfill existing industrial development commitments both in France
and UK, that have up until now been led by AREVA, which notably include the
creation of a turbine assembly and blades manufacturing plants at Le Havre and
the implementation in France of a network of sub-contractors and partners.
The joint venture will have registered headquarters in Zamudio (Vizcaya,
Spain), while Executive Committee will be based in Paris. 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
The new company’s General Manager will be Arnaud Bellanger, current Executive
Vice President of Offshore Wind at AREVA.
MORE ABOUT AREVA
AREVA is a world leader in nuclear power. The group’s offer to utilities
covers every stage of the nuclear fuel cycle, reactor design and construction,
and operating services. Its expertise and uncompromising dedication to safety
make it a leading industry player.
AREVA also invests in renewable energies to develop, via partnerships, high
Through the complementary nature of nuclear and renewables, AREVA’s 45,000
employees contribute to building tomorrow’s energy model: supplying the
greatest number of people with energy that is safer and with less CO.
MORE ABOUT GAMESA
With a track record stretching back 20 years and installation of close to
29,500 MW in 44 countries under its belt, Gamesa has established itself as a
world technology leader in the wind power industry. Its end-to-end value chain
presence encompasses wind turbine design, manufacture, installation and
operations and maintenance (more than 19,500 MW).
Gamesa is also a global benchmark in the development, construction and sale of
wind farms. To date, it has installed almost 6,000 MW and currently boasts a
pipeline of 18,300 MW at varying stages of development in Europe, the Americas
Alexandre Thébault, +33 (0)1 34 96 12 15
Úrsula Guerra, +34 915031700
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