Spain

Spain

Bourse debut brings chain of success -- Gamesa group going strong

After a successful stock market debut late last year, the Spanish Gamesa Group's turnover reached EUR 765 million in 2000, a 29% gain from 1999. Profits last year of EUR 47.5 million were a 22% improvement on the previous year. Gamesa Eólica, Spain's largest wind turbine manufacturer and one of five business areas of the group, was behind 48% of the total corporate turnover. The company says it supplied wind turbines resulting in 628 MW coming on-line last year, bringing its cumulative total to 1475 MW. A further 217 MW is currently building, the company says.

Gamesa also underwent a whirl of industrial activity last year, inaugurating two new blade manufacturing facilities in Albacete, Castile la Mancha, and in Burgos, Castile and León. It also established a parts supplier facility in Cuenca, Castile la Mancha, and a nacelle assembly factory in Zaragoza, Aragón.

Gamesa's renewable energy development arm, Generación Energías Renovables, installed 74 MW last year, bringing its cumulative total to 253 MW, or about 10% of Spain's on-line wind capacity. Although Generación was only behind 4% of Gamesa's total turnover, the company is bracing itself for a major leap in wind development activities in the next two years. Gamesa Energía claims it has obtained the go ahead for eight new wind plant totalling 220 MW, and it has gained approval for three strategic wind plans in the regions of Galicia, Aragón and Castile la Mancha for a total of 545 MW.

To help it along, Gamesa Energía -- which oversees the group's energy activities -- has recruited a new director, Fernando Ferrando Vitales. He has moved straight from his top position at one of Spain's leading renewables developers, Sinae. Gamesa Energía has recently clinched a number of large financing deals for a total of EUR 319 million for several projects (Windpower Monthly, March 2001).

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