March 12, 2012
Illinois, Iowa, Pennsylvania, Texas

Gamesa selling wind farms for $900 million

By Crissa Shoemaker DeBree Staff writer, 11 March 2012

Gamesa, the Spanish wind energy company, has agreed to sell four U.S. wind farms to Canada’s Algonquin Power & Utilities Corp. for approximately $900 million.

The wind farms, equipped with 240 Gamesa turbines, are scheduled to be commissioned later this year and have a combined generating capacity of 480 megawatts. The farms being sold are in Sandy Ridge in Centre County and in Iowa, Texas and Illinois.

“This transaction combines three of Gamesa’s major goals: 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 U.S.,” Gamesa chairman and CEO Jorge Calvet said in a statement.

Algonquin has partnered with JP Morgan and Morgan Stanley in the deal in which Gamesa remains a minority owner. Algonquin has also agreed to work with Gamesa on developing more wind farms in the United States and Canada.

Gamesa’s U.S. headquarters are in Middletown, and the company has manufacturing facilities in Falls Township and Ebensburg, Cambria County.

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