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Gamesa muscling up to control market
1 January 1999
Spanish wind power giant Gamesa has sold a 30% share of one of its many subsidiaries -- Gamesa Energia -- to Nefinsa, a smaller but equally dynamic company in the world of wind. The ESP 7,500 million (Euro 45 million) deal allows Gamesa to keep its majority control of Gamesa Energia, while indisputably increasing the company's grip on the Spanish wind market. Gamesa, partnered with Danish Vestas and controlled by the IBERDROLA power group and the BBV banking corporation, is currently the biggest wind turbine manufacturer in Spain as well as the biggest single wind power producer. It is responsible for 44% of Spain's installed wind capacity. Behind the deal is Gamesa's and Nefinsa's bid to increase their control of the Spanish wind market. Gamesa Energia, which this year envisages a turnover of some ESP 30,000 million pesetas, plans to sink some ESP 10 billion into ten new wind farms over the next eight years with an estimated installed capacity of 140 MW. The new projects are to be located in the northeast, in Aragon, and in Catalunya on Spain's northeastern seaboard.
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