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Gamesa signs Heads of Terms to sell 183 MW of its project pipeline in Germany to Impax

20 December 2012

  • Gamesa will develop the wind farms on a turnkey basis, building and supplying them with turbines from 2013 to 2015, and performing operation and maintenance services for 15 years
  • The transaction is the first one within the company’s new strategy for wind farm development and sale business, which will strengthen its role as a tech focused company with low capital needs and as unique partner for financial investors 
  • Additionally, the companies are considering forging similar agreements in other regions

Gamesa, a global technology leader in the wind energy industry, signed Heads of Terms with infrastructure fund manager Impax Asset Management to sell 183 MW in Germany, including all of the most advanced German projects in Gamesa's portfolio, namely those ready for development between 2013 and 2015. The companies aim to finalise their exclusive negotiations over the next two months.

Gamesa will develop the wind farms on a turnkey or EPC (Engineering, Procurement and Construction) basis, including engineering and construction work, supplying and installing turbines and managing operation and maintenance services for a period of 15 years. Although details of the transaction are pending, the wind farms will be equipped with Gamesa 2.0 MW and 4.5 MW turbine platforms.  

First transaction within the new wind farm development and sale strategy

This method of developing Gamesa's most market-ready wind farm portfolio in Germany, the first one within the new wind farm development and sale business strategy, enables the companies to leverage their combined strengths and illustrates one of the trends driving the international wind energy market and Gamesa's new strategy in this business: the combination of a tech company, with the knowledge and skill required to manage all stages of wind farm development (site selection, wind speed measurement, government permits, engineering, construction, turbine supply and operation and maintenance services management), and an investor partner specialising in the management and funding of renewable energy infrastructure.

"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, and capitalise on our know-how and project portfolio," said Gamesa Business CEO Xabier Etxeberria. "We are joining forces with partners with experience and financial capacity, such as Impax, who complement us and demand high-quality assets".

"We are delighted to be expanding our relationship with Gamesa. Germany constitutes a core investment market for Impax's renewable infrastructure funds and Gamesa's impressive track record makes this an exciting initiative", said Joe Berry, Investment Director at Impax.

Gamesa has operated in Germany since 2003. As a wind farm developer, it has developed and put into operation more than 250 MW in Germany, while its project pipeline contains close to 400 MW at varying stages of development. As a manufacturer, the company has installed 177 MW and performs operation and maintenance (O&M) services on close to 100 MW of projects.  

Expanding partnership to wind energy projects in other regions

The relationship between Gamesa and Impax could expand further, as the Heads of Terms includes the possibility of extending the companies' collaboration to wind energy projects in other regions. Impax's fund also recently bought a Gamesa-developed wind farm in France, with construction set to begin at the end of this year.

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