Gamesa sells four US wind projects to Canadian utility

Spanish wind energy giant Gamesa has sold four wind farms currently under construction in the US to a Canadian utility for $900 million.
Gamesa sells four US wind projects to Canadian utility

In a statement about the sale of the facilities to Canada’s Algonquin Power & Utilities, Gamesa said construction of the wind farms, with a total capacity of 480 MW, will be completed by the end of the year.

Financial firms JP Morgan and Morgan Stanley are also said to be making significant tax equity investments in the deal.

"This transaction combines three of Gamesa’s major goals," said company chairman and CEo Jorge Calvet. "[These include] partnering up with new leading customers in the North American renewable energy sector; attracting investments from tier one financial institutions who value and underwrite in our technology and in the wind power market; and further achieving our economic goal of maximizing the value of our wind farm portfolio, in this case in the US."

The wind farms -- located in the US states of Iowa, Pennsylvania, Texas, and Illinois -- will be equipped with 240 of Gamesa's G9X-2.0 MW turbines, and are scheduled for commissioning in 2012. The deal represents new firm orders of 350 MW for delivery in 2012.

At the same time, Gamesa and Algonquin Power & Utilities Corp have entered into a collaboration agreement to pursue additional wind power development opportunities in the US and Canada.

In addition, Gamesa will provide operations, maintenance and asset management services during 20 years for each of the wind farms comprising the portfolio.

For his part, Ian Robertson, CEO of Algonquin Power, said the utility is pleased to be working with Gamesa and plans to leverage the strengths of both companies in the North American wind energy business.

"We believe that our development agreement with Gamesa will provide opportunities for Algonquin to further invest in profitable wind power generation assets and maximize returns to shareholders," Robertson said.

Algonquin Power & Utilities is a growing renewable energy and regulated utility company with over $1.2 billion in assets across North America. The Corporation actively invests in hydroelectric, wind and solar power facilities and sustainable regulated utility distribution businesses (water, electricity and natural gas).

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