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Spain

Spain

Second transaction in purchase deal -- Utility on course for 2600 MW

Spain's leading renewables utility, Iberdrola, now has majority ownership of 313 MW of wind plant previously owned by fellow developer Gamesa. Eight wind stations with a combined capacity of 165 MW were transferred to Iberdrola last month in a EUR 184 million deal, adding to the 148 MW handed over by Gamesa in December.

The acquisition is part of Gamesa's agreement with Iberdrola to sell 982 MW of installed wind capacity to the utility. The shuffling of megawatts is part of a strategy to align the two businesses (Windpower Monthly, November 2002). Completion of the deal is proceeding after an investigation by the government's fair trading department, Servicio de Defensa de la Competenia. It gave its nod of approval to the scheme in March.

The latest acquisition puts Iberdrola on course for securing over 1500 MW of new wind capacity this year, bringing its wind power total to over 2600 MW, or 70% of its 3834 MW strategic renewables plan for 2006 (Windpower Monthly, April 2003).

Developments in Galicia will account for over half of Iberdrola's purchase from Gamesa. By the end of this year, Iberdrola will be operating a total of 487 MW in Galicia, says the company's Ignacio Galán. This will rise to 565 MW before the end of 2004 under the provisions of a EUR 390 million strategic investment plan for the region.

Iberdrola's own regional plan aims for 120 MW, while the rest will come from Gamesa. Iberdrola recently connected two of its own wind stations to the Galician network, with a combined capacity of 36 MW.

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