Gamesa and Areva have signed binding agreements for the creation of a joint venture in the offshore wind energy industry, culminating the exclusive talks initiated last January.
The new company has a 2.8GW pipeline and targets a market share close to 20% in Europe by 2020. The closing of the transaction is expected to be secured by the fourth quarter of this year, subject to approval by the French government and the relevant competition authorities in Europe and other jurisdictions. Areva will contribute the following assets to the new joint venture, valued at € 195 million:
- Its 5MW offshore platform;
- Offshore R&D knowledge transfer and license of the onshore technology which can be applied offshore;
- Operations & Maintenance process, with 20GW of onshore capacity under maintenance;
- Its industrial know-how and supply chain access, both of which are key to cost streamlining.
AREVA will contribute assets valued at € 280 million (including working capital of current business, currently estimated at € 70 million, amount to be confirmed at closing of transaction):
- Its 5 and 8MW offshore platforms;
- A 2.8GW pipeline;
- Offshore R&D and engineering knowledge transfer;
- Dedicated offshore manufacturing and logistics capabilities, specifically its industrial and logistics centres in Bremerhaven (turbine assembly) and Stade (blades), both in Germany.
In addition, the agreements envisage making Gamesa a preferred supplier of parts to the joint venture. The joint venture will have two 5MW platforms. It will work on the optimisation of the AREVA’s M5000, as well as Gamesa's 5.0MW offshore turbines. The joint venture will also further develop its upcoming 8MW platform. The JV will fulfil existing industrial development commitments both in France and UK, that have up until now been led by AREVA. The joint venture will have registered headquarters in Zamudio (Vizcaya, Spain), while Executive Committee will be based in Paris. The Board of Directors will have eight members, four appointed by each of Gamesa and Areva. Xabier Etxeberria, Gamesa’s Business CEO, will be the joint venture’s Chairman of the Board. The new company’s General Manager will be Arnaud Bellanger, current Executive Vice President of Offshore Wind at AREVA.
