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Gamesa Energia expands into Germany with strategic acquisition
1 November 2003
Spain's top utility and major wind operator, Endesa, has called off its efforts to sell half its renewables and cogeneration wing, Endesa Cogeneración y Renovables (Ecyr). The company, which says it operate 812 MW of wind in Spain, announced it will now go it alone on its plan to install 2000 MW in new renewables projects over the next five years. Ecyr went up for sale towards the end of 2002 as part of the utility's strategy to reduce its EUR 23 billion debt. The decision to withdraw the sale offer is due to accelerated progress in Endesa's debt reduction, says the company. Over the first half of 2003, the utility reduced its red figures to EUR 18 billion. Ecyr claims a current online wind capacity in Spain totalling 812 MW, with a further 313 MW building -- including the recently announced start on a wind complex totalling 74 MW in Tarifa, Andalucia.
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