DIVORCE IN SPANISH WIND
Iberdrola, Gamesa End Wind-Farm Accord Due to Weak Economy
Will Kennedy and Tony Barrett, July 28, 2011 (Bloomberg News via SF Chronicle)
"Iberdrola SA, the world's biggest renewable energy producer, and wind-turbine maker Gamesa Corporacion Tecnologica SA ended a strategic accord on wind-farm development because of the economic crisis.
"Iberdrola and Gamesa, Europe's second-largest turbine maker, signed the agreement in 2009 that allowed for joint development and operation of wind parks and included options for Iberdrola to buy projects in Europe from Gamesa starting this month…"
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"…The end of the deal, due to global economic conditions and the companies' strategies, means those options are cancelled…
"Gamesa…reported a 29 percent increase in first- half net income… Gamesa said first-half net income rose to 29 million euros ($41.4 million), while revenue rose 26 percent to 1.3 billion euros."