Gamesa Corp. Tecnologica SA (GAM), the Spanish wind-turbine maker that’s tripled in value this year, expects demand for its maintenance division to increase as utilities lack the funds to build new projects.
Spain’s energy reform, a package of measures announced this month that will cost power generators an estimated 2.7 billion euros ($3.6 billion) this year, may benefit Gamesa, Chief Executive Officer Ignacio Martin said today in an interview.
“This decree means new installations will come by accident, if at all, and clients are going to need to maximize revenues from the power production they have,” Martin said in Madrid. “Parks grow old, and if you don’t do anything to maintain them their capacity becomes weaker.”
Gamesa, which supplies and maintains turbines for developers including Iberdrola SA (IBE) and FCC Energia SA, said this week it returned to profit in the first half. The company hopes to boost revenue in Spain from supplying maintenance services and turbines that generate power at lower cost, Martin said.
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