Gamesa Agrees to Sell 183 Megawatts of German Wind to Impax

Gamesa Corp. Tecnologica SA (GAM), Spain’s biggest maker of wind turbines, agreed to sell 183 megawatts of wind projects under development in Germany to Impax Asset Management Group Plc. (IPX)

Gamesa will build the projects with its 2-megawatt and 4.5- megawatt turbines from 2013 to 2015, the Zamudio-based company said today in a statement. Gamesa and Impax plan to finish discussions on the sale in the next two months.

The sale signed as a “heads of terms” agreement is part of Gamesa’s new strategy to keep its capital requirements down by inviting financial investors to buy the projects it then builds and develops. Gamesa already sold a wind farm in France to London-based Impax, with plans to start building at the site in the Limousin region.

“This transaction represents a major step forward in our strategy for this business as outlined in our business plan, which will enable us to develop wind farms, safeguarding our role as a technology company,” Gamesa Business Chief Executive Officer Xabier Etxeberria said in the statement.

The companies are considering similar agreements in other regions, according to Gamesa. The agreement also includes a 15- year operation and maintenance service provision.

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.