Gamesa Energía and Iberdrola Renovables have announced the implementation of the strategic agreement they signed in June 2008 to jointly promote, develop and operate wind farms in Europe.
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Gamesa Energía and Iberdrola Renovables will develop their project portfolios autonomously, though in close collaboration, over the next two years. In order to achieve this, a joint Consultative Committee comprised of three senior executive from each company will be set up, which will be responsible for supervising execution of the agreement through June 30, 2011. As of that date, assuming the requisite conditions are met, put and call options on Gamesa Energía's wind energy promotions will come into play within the territory set out in the agreement. Iberdrola Renovables will acquire the business outright or opt for constitution of a joint venture (75% Iberdrola Renovables, 25% Gamesa Energía) to manage the project portfolio in the territory. In both scenarios, the Gamesa Energía employees working on those projects will be transferred to Iberdrola Renovables.
