Some 2,700 MW of wind capacity will be purchased under the deal for Iberdrola’s developments in Spain, the rest of Europe, the US and Mexico between 2007-09. The contract also includes assembly and commissioning of the wind generators, as well as their operation and maintenance throughout the warranty period.
In addition, Iberdrola is to buy Gamesa’s US wind farm assets with as much as 1,000 MW of installed capacity - located in Pennsylvania, Texas and Illinois - including some 500 MW of power that Gamesa will bring into production before the end of 2009. The other 500 MW will correspond to purchases of developments currently in progress at a total cost of $700 - $1,100 million.
Iberdrola plans to reach 6,200 MW of renewable installed power by 2008, rising to 10,000 MW by 2011.
Iberdrola acquired an 11% stake in Gamesa from Corporación IBV in July, bringing its stake to 17% of total equity.
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