Spanish wind power company Gamesa has accused Danish turbine maker Vestas of damaging confidence in the renewable energy industry.

In the last few months Vestas issued two profits warning and then axed several high profile staff on the back of serious losses, and Gamesa says this hurt the sector further when it was already facing cuts to subsidies in many countries.

Gamesa chairman Jorge Calvet told the Financial Times: “I have no doubt that what has happened at some of our competitors has hurt the industry. To have several profit warnings in one year hurt perceptions among investors.”

Despite its troubles, Vestas remains Europe’s number one turbine manufacturer by market share, and Gamesa is second.

Gamesa’s shares have dropped by 60 per cent in the last year and in its home country the government this year stopped subsidies to all renewable energy power plants.

With its share price low, Gamesa – which has built wind farms in Spain, Germany Greece and the US and is planning to set up a manufacturing base in the UK – has been the subject of takeover rumours. Last week Alstom was said to be considering buying it, a move denied by the French company.

Calvert said: “I think this company [Gamesa] has much more value today than what the markets are saying. We are not considering any takeovers.”