Gamesa is selling four wind farms totalling 480 MW to Canadia Algonquin Power & Utilities Corp for approximately US$900 million.
Gamesa is installing 240 of its G9X-2.0 MW wind turbines at the: 80 MW Pocahontas Prairie wind farm in Iowa, the 50 MW Sandy Ridge in Pennsylvania, the 150 MW Senate in Texas; and the 200 MW Minonk wind farm in Illinois.
All four wind farms are being developed and constructed by Gamesa, and will be commissioned during 2012.
"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 maximising the value of our wind farm portfolio, in this case in the US," says Gamesa Chairman and CEO, Jorge Calvet.
Further co-operation agreement
Gamesa and Algonquin have also entered into a joint development agreement to pursue additional wind power development opportunities in the United States and Canada.
Algonquin will be provided visibility into Gamesa's pipeline of 3.5 GW of near and medium term wind power development opportunities in the United States, while Gamesa will have the opportunity to work with Algonquin to advance and expand Algonquin's 325 MW pipeline of contracted development projects.