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Gamesa Corporacion Tecnologica S.A. (GCTAF)

- OTCPK - Current
  • Thu, Jul. 2, 11:40 AM
    • SunEdison (SUNE -1.5%) has announced an MOU with Spanish wind turbine maker Gamesa (OTCPK:GCTAF) to create a 50/50 JV to build up to 1GW of wind plants globally by 2018.
    • The deal calls for Gamesa to supply turbines and be responsible for plant operations & maintenance (O&M); the company might also provide engineering, procurement, and construction (EPC) services. SunEdison will buy the plants from the JV once they're finished, and also buy additional wind turbines from Gamesa.
    • The TerraForm Power (TERP -0.3%) YieldCo is expected to have call rights for wind plants developed by the JV. A "definitive agreement" for the JV is expected by year's end.
    • The MOU follows news SunEdison has obtained $360M in financing for, and begun construction on, a 185MW Maine wind project. TerraForm recently disclosed it's in talks to buy up to $2.6B worth of wind plants.
    • Shares are lower as solar stocks continue to remain under pressure - the group sold off yesterday amid a 3%+ drop in oil prices. SunEdison is still up 50% YTD.
    • Past wind deals: First Wind, Atlantic Power, Cental American/Indian firms
    | Thu, Jul. 2, 11:40 AM | Comment!
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Company Description
The company has production centres in the main wind markets: Spain and China, as the global production and supply hubs, while maintaining its local production capacity in India, US, and Brazil.
Sector: Technology
Country: Spain