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Spanish factory of bankrupt blade company sold to wind industry heavyweight
1 April 2005
The Spanish facility of bankrupt blade company NOI has gone to Gamesa Eólica -- Spain's dominant turbine manufacturer -- for EUR 3.4 million. The factory will turn out 44 metre glassfibre blades with carbon spars for Gamesa's 2 MW turbine, says company CEO Iñaki López Gandásegui. By 2006, after investment of EUR 6 million, the former NOI factory, in the Tudela district of Navarra, will be able to turn out 210 blades a year. Gamesa was the only bidder for the works in a judicially enforced auction in the wake of NOI's demise. Nevertheless, Gamesa paid over four times the auction's starting price. Commentators suggest such fair play resides in Gamesa's close relations with Navarra's regional government, which is a former Gamesa Eólica shareholder and which has recently bought 1% of utility Iberdrola, Gamesa's biggest single shareholder.
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