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Spanish utility and savings bank consolidate renewables concerns
1 July 2004
Spain's fourth largest utility, Hidrocantabrico, and savings bank Caja Madrid, have consolidated their joint renewables and cogeneration concerns within the utility's cogeneration wing, Gemesa. The partnership starts out with a commitment to invest EUR 700 million to 2007 in 850 MW of new generation, mainly wind power. Gemesa will swallow up Sinae, a powerful wind plant developer and operator controlled 80% by Hidrocantábrico and 20% by Caja Madrid. The companies own the same sized slices of Gemesa. "The operation is part of the strong commitment to renewables, especially wind power," says Hidrocantábrico. Gemesa will retain Sinae's management structure. Sinae is the leading wind developer in Asturias, which is both Hidrocantábrico's home base and a region of growing importance for wind. The company also has a firm grip in Castile and León, with at least 109 MW of wind already online and a large project portfolio. In the Albacete province of Castile-La Mancha, Sinae is building 124 MW, with more projects planned.
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