The Ventiveste consortium, led by Portuguese companies Galp Energia, Martifer and Mota-Engil, is tipped to be the winner of the 500 MW second stage of the Portuguese government's 1500 MW wind tender launched in July 2005. The winner could secure an additional 100 MW and another 20% if the tender jury considers its bid to have exceptional merit. Two further consortia, Novas Energias Ibéricas, headed by Iberdrola, and Ventonorte, comprising Italian utility ENEL and Spain's Unión Fenosa, are competing with Ventiveste. All three lost out to a consortium led by Portugal's biggest power group, Eólicas de Portugal, for the 1000 MW first phase of the tender (Windpower Monthly, November 2006). Portuguese stock market analysts Santander Negócios and BPI both agree the Ventiveste consortium "is best positioned" to win phase two. Portugal's economy minister Manuel Pinho says the winner is expected to be announced by the end of the first quarter of 2007. In addition, a third phase of tenders could be on the cards with a series of smaller lots of wind power up for grabs, totalling a combined capacity of 200 MW. The government estimates that by 2020 investments in Portuguese wind power will reach EUR 3.8 billion.