Gamesa, one of the world’s leading corporations in the wind energy industry and a top wind farm developer, has agreed to supply and commission turbines totalling 10 MW of installed capacity for a wind farm in Minnesota (United States). Gamesa signed the contract with a new customer, Juhl Wind (OTCBB: JUHL), one of the leading US developers of community-based wind farms and its customer, Valley View LLC.

Gamesa will deliver five Gamesa G87-2.0 MW turbines with the low temperature package to the Valley View wind farm outside Chandler, Minnesota. The site is scheduled to begin operating in the 2Q, and the energy it generates will supply Northern States Power, a subsidiary of US energy company Xcel.

The wind farm’s construction is being financed through a combination of project equity, long-term bank financing and US government funds under Section 1603.  This programme, introduced as part of the American Reinvestment and Recovery Act (ARRA) in February 2009, offers cash grants to finance projects in lieu of tax credits on 30% of the investment (ITC) or a production tax credit (PTC). In addition, Gamesa worked with Juhl Wind on securing creative financial solutions to help move the project forward. The project loans have been provided by Banco Sabadell and Caixa Nova.

The United States, a strategic market which accounts for 28% of turbine sales

Gamesa, set up manufacturing in the US in 2005, has two factories in Pennsylvania boasting annual production capacity of more than 1,000 MW, and employs more than 900 people in the country.

The US is a strategic market for Gamesa, accounting for 28% of total turbine sales in 2010.

Source : Gamesa

Advertisements