Vestas Appointed to Build a Wind Farm in the USA

The Basque power company announces that the supplier of the 41 wind turbines for 184MW will be the Danish firm, although it is usually Siemens Gamesa, of which it has 8% shares.

Iberdrola has made up its mind about buying from Vestas the 41 turbines needed for this new park. In addition, it has also signed a maintenance contract for a period of five years with Vestas. Since the president spoke on December 1, this was the first time that the electricity company awarded a manufacturer of wind turbines the supply for a new generation park.

The first ‘utility’ of Spain holds 8% of Siemens Gamesa after the German giant took 51% of the technology company. Since becoming a minority shareholder at the beginning of 2017, Siemens Gamesa has launched two reductions in its EBITDA targets that have led to a sharp decline in the stock market. Not in vain, the company has left almost 40% in the last year, coinciding with the transfer of power, and has been the most bearish company of the entire Ibex 35.

Precisely, Siemens Gamesa must present its new strategic plan on February 15, and depending on the cash flows it presents, the auditor of Iberdrola will have to recalculate the value of its investee in books, given the strong drop in the stock market that it carries in the last year. For something similar, the CNMV required Acciona to recalculate the hole caused by the collapse of the value of Nordex, its supplier of wind turbines.

Source. https://www.elconfidencial.com/empresas/2018-01-04/iberdrola-elige-a-vestas-para-un-nuevo-parque-en-eeuu-tras-la-bronca-de-galan-a-gamesa_1500876/