Gamesa and Iberdrola each gave official notice to Spain's National Securities Market Commission (CNMV) that they have agreed to unwind their strategic alliance in wind farm development (1) due to the global economic downturn, which has substantially changed market conditions, and the companies’ respective strategies.
The strategic agreement, originally signed on 13 June 2008 and amended on 23 September 2009, envisaged a series of cross-linked options on some Gamesa wind farms in Spain and other countries in Europe, as well as the possibility of joint development and operation of wind farm projects in said areas.
Notwithstanding today's announcement, Gamesa and Iberdrola, world leaders in their industries, hope to continue working together in the future to bolster their position in the wind energy business, as they have done for the past 15 years in a range of international markets.
(1) The strategic agreement was signed by Iberdrola Renovables, S.A., Gamesa Energía, S.A. Unipersonal and Gamesa Corporación Tecnológica, S.A. (“Gamesa”). As a result of the merger by absorption of Iberdrola Renovables, S.A. (acquired company) by Iberdrola, S.A. (acquiring company), Iberdrola, S.A. became a party to the strategic agreement.