Gamesa, Iberdrola end joint effort to develop wind farms

The strategic agreement, originally formed in 2008, is being dissolved due to the global economic downturn.

Wind turbin manufacturer Gamesa and wind farm developer Iberdrola have announced that the companies have given official notice to Spain's National Securities Market Commission (CNMV) that they have agreed to unwind their strategic alliance in wind farm development due to the global economic downturn, which has substantially changed market conditions, and the companies’ respective strategies.

The strategic agreement, originally signed in June 2008 and amended in September 2009, envisaged a series of cross-linked options on some Gamesa wind farms in Spain and other countries in Europe, as well as the possibility of joint development and operation of wind farm projects in said areas.

Notwithstanding today's announcement, Gamesa and Iberdrola hope to continue working together in the future to bolster their position in the wind energy business, as they have done for the past 15 years in a range of international markets.