Spain's Gamesa signs deal with Chinese firm

27th September 2011, Comments 0 comments

Shares in Spain's Gamesa, one of the world's top wind turbine makers, closed sharply higher Tuesday after it announced a new contract with a Chinese firm that is part of a surge in clear energy investments in China.

The company will build wind parks capable of generating 200 megawatts in China's Inner Mongolia province for Huadian New Energy Development Company that will use 2.0-megawatt turbines, Gamesa said in a statement.

It did not disclose financial details.

Shares in Gamesa closed up 6.70 percent at 3.343 euros, outperforming the benchmark Ibex-35 index of most-traded Spanish shares which gained 4.03 percent.

China accounts for around 20 percent of Gamesa's total sales and the company aims to boost this amount to 30 percent by the end of 2013.

"Gamesa in China continues its efforts to contribute with its technology, manufacturing capacity and operation and maintenance services and wind farm development activities to China's energy commitment," the chairman of Gamesa in China, Jose Antonio Miranda, said during the signing ceremony.

China, the world's most populous country, wants renewable energy sources such as wind to meet 15 percent of its energy needs by 2020, double its share in 2005.

Gamesa has installed nearly 3,000 turbines at more than 60 sites across China since 2000.

The company employs 1,200 people in China. It has six manufacturing plants in Tianjin and Jilin provinces, and is about to finish construction of a new factory in Inner Mongolia.

© 2011 AFP

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