Gamesa and Iberdrola have informed Spain’s National Securities Market Commission (CNMV) that they have agreed to unwind their strategic alliance in wind farm development.

A substantial change in market conditions due to the global economic downturn and a shift in the companies’ strategies prompted the decision, said the firms.

The strategic agreement, originally signed on 13 June 2008 and amended on 23 September 2009, envisaged a series of cross-linked options on some Gamesa wind farms in Spain and other countries in Europe, as well as the possibility of joint development and operation of wind farm projects in these areas.

Gamesa and Iberdrola said they hope to continue working together to bolster their position in the wind energy business, as they have done for 15 years in several international markets.

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