Iberdrola and Gamesa say that they will continue to work together in spite of ending their strategic agreement for the development of wind farms.
The two Spanish companies have wound up an agreement signed in June 2008 that established a series of cross options on wind farms in Spain and other European countries. They said that the global economic scenario and the resulting impact on market conditions were behind their decision.
The agreement also included the possibility of jointly carrying out the wind farm development, construction and operation activities in the same regions. Iberdrola said in a statement that both companies would continue working together to "strengthen their respective positions in the wind energy sector."
Iberdrola recently completed the absorption of its renewable energy subsidiary via a share-swap deal with shareholders. The Bilbao-based firm is the largest shareholder in Gamesa. Gamesa is Iberdrola’s largest supplier of wind power equipment.
Linkedin
