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Gamesa sells wind trading business
1 June 2006
Gamesa has sold its wind power trading business, Wind to Market (W2M), to business investment group Corretaje e Información Monetaria y de Divisas (CIMD) for a down payment of EUR 961,000. CIMD will pay up to EUR 2 million more over the next three years, depending on the evolution of W2M's existing 1100 MW client portfolio. The sale of W2M allows Gamesa to concentrate on its core competencies- -- making wind turbines and developing projects. Gamesa refutes suggestions that the decision was forced by W2M's involvement in an antitrust investigation. The same renewables regulation of 2004 that stimulated trade of wind power on the wholesale market strictly prohibited brokering by Spain's top five power groups. But Gamesa's single largest shareholder is Iberdrola, Spain's second largest utility, a fact that did not escape the notice of independent brokers who sued W2M in February 2005. By the time the case came to court in November it was too old to try.
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