Vestas V Gamesa

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Spain's Gamesa group claims to have clinched grid connection rights for wind developments totalling 445 MW in Italy and 72 MW in Greece. The group, which controls Spain's largest wind turbine manufacturer Gamesa Eólica, describes the rights as "a sign of Gamesa Energía's dynamism in international wind development, which also extends to Portugal, Brazil and Mexico, amongst other countries." Gamesa Energía, one of Spain's main developers with 253 MW on-line, has also revealed a 2000 MW installed capacity objective outside Spain in the next five years, mostly in joint ventures in Europe and Latin America. Gamesa claims to be developing a total of 2600 MW in Italy alone. In Greece, Gamesa Energía has applied to develop 800 MW in joint ventures with Hellenic Energy Development. To date, Gamesa Energía has opted to exclusively use Gamesa Eólica technology, though a question mark hangs over its rights to supply some of Gamesa Energía's foreign ventures. The company's transfer technology agreement with its part owner, Vestas of Denmark, grants commercial rights to Gamesa Eólica only for Spain, parts of North Africa and Latin America. Whether this agreement will hold is now being questioned. In a market analysis, banker Schroder Salomon Smith Barney states: "We believe the two companies will revise their strategic agreement." Given that the same report puts Gamesa Eólica's operative profit margin at five points above Vestas' and says it has the lowest costs of all turbine manufacturers, this could be just as attractive for Vestas -- which owns 40% of Gamesa Eólica -- as for Gamesa.

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