Denmark

Denmark

Navarra sells its 9% stake in Gamesa Eólica

Nine percent of Gamesa Eólica, Spain's largest wind turbine manufacturer, is up for sale. Sociedad de Desarrolla de Navarra (Sodena), the development agency of Navarra's regional industry ministry, is ready to sell its stake because of Gamesa Eólica's growth. The wind turbine maker is otherwise owned by Vestas of Denmark, with a 40% share, with the remaining 51% belonging to Gamesa Eólica's parent company, Grupo Auxiliar Metalurgico SA, which went public in October. Navarra's industry minister, Nuria Iturriagagoitia, says Gamesa Eólica no longer forms an essential part of the region's development strategy. According to Iturriagagoitia, the buyer of the 9% stake will be Vestas. Gamesa CEO Iñaki López Gandásegui says Sodena's stakes in companies are usually a temporary measure to get a strategic company or sector on its feet. With Gamesa Eólica now ranking near the top in the global turbine supply market, Gandásegui agrees it is time for Sodena to withdraw. He adds that Vestas could indeed be considered the natural taker. Gandásegui stresses that any agreement is entirely between Sodena and Vestas.

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