Dec. 22 (Bloomberg) -- Gamesa Corporacion Tecnologica SA, Europe’s second-largest wind-turbine maker, will sell as much as 4,300 megawatts of the machines to Iberdrola SA, the biggest producer of renewable energy and its main shareholder.
Iberdrola will buy 502 megawatts of Gamesa onshore wind turbines next year, plus half the systems it needs in the decade following, or until further purchases reach 3,800 megawatts, the Bilbao, Spain-based power producer said in a filing yesterday. It will also work with Gamesa to develop offshore equipment.
“This gives visibility to Gamesa going forward,” with guaranteed sales and a partner in the offshore wind market, Gerard Reid, a renewable energy analyst at Jefferies International Ltd., said in a phone interview. “Offshore is the most important thing because that will be the growth market.”
The shares rose as much as 5.6 percent in Madrid and traded 5.2 percent higher at 3.20 euros by 9:22 a.m. local time.
Gamesa, still trading down 44 percent this year as Europe’s debt crisis curbs demand, opened a design center near Glasgow, Scotland, in September to develop a 7-megawatt sea-based turbine to generate power at sea. It plans a 5-megawatt prototype next year with blades sweeping an area 128 meters wide.
The company, held 20 percent by Iberdrola, plans to invest more than 150 million euros ($196 million) through 2014 developing offshore turbines to grab at least 10 percent of the market by 2020. The latest deal with Iberdrola replaces a 2008 accord under which the utility agreed to buy 4,500 megawatts of turbines. That was partly fulfilled, according to Gamesa.
The company expects to sell as much as 3,500 megawatts of its turbines in 2012, up from an estimated 2,800 megawatts to 3,100 megawatts this year.
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