The deal replaces the 2008 agreement between the two firms and provides each with a more flexible framework for collaboration in light of current market conditions.
Under the new agreement, Iberdrola will buy 50 percent of its wind turbines from Gamesa Eólica between 2013 and 2022, up to a total of 3,800 MW.
"The agreement establishes a new foundation for cooperation in response to the economic and industry environment of recent years, affords us stability and expands the framework cooperation agreement to Gamesa's key areas of growth for coming years: supplying wind turbines, but also operation and maintenance services (O&M) and offshore, all of which the company is firmly committed to developing," said Gamesa Chairman and CEO Jorge Calvet.
Iberdrola is committed to promoting offshore wind farms as one of the cornerstones for future growth, with currently over 10,000 MW of project pipeline. The companies will also jointly develop new maintenance services to improve efficiency.
Iberdrola already has around 9,000 MW of capacity from the nearly 13,500 MW it has installed worldwide using Gamesa wind turbines.
Gamesa also supplies Iberdrola with the technology for some of its most important wind projects.
These include the 10 wind farms being built in Brazil with 288 MW of capacity, activities in Romania and the company’s first two wind facilities in Asturias.
Another important feature of this agreement is the maintenance contract awarded to Gamesa covering around 4,000 MW of capacity.
This will cover Gamesa’s G4 and G5 models which are out of guarantee and installed in wind farms in Spain and Portugal (1,748 MW of capacity).
The service contract for its G8 turbines, for a further 2,312 MW, is also extended by one year.
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