Gamesa leverages emerging markets for 26% half year growth
Spanish wind turbine maker Gamesa recorded a 29 percent growth in wind turbine sales in the first six months of the year as a result of a plan to tap the wind power market in emerging economies such as India and Latin America.
The company confirmed Thursday that its net income increased 29 percent to EUD1.29 billion (USD1.84 billion) in the first half of the year, with 100 percent of its turbine sales outside of Spain, reinforcing the company's global strategy. Net profits were up 29 percent to EUD29 million (USD41.48 million)
Gamesa sold 2.27GW of turbines in the first quarter, compared with targeted sales of 2.8-3.1 GW.
Sales in India increased to 216MW, accounting for 17 percent of the total. Sales in Latin America/Southern Cone increased four-fold to 243MW, while China accounted for 20 percent of sales.
Europe, primarily Eastern Europe, accounted for 27 percent of total sales, the US 15 percent, and the rest of the world three percent.
Gamesa also confirmed the end of a wind farm development partnership with major shareholder Iberdrola, after the global economic downturn prompted the two companies to develop differing growth strategies.
Wind Farms is a vital division for Gamesa, as it provides the company with competitive advantages and complements its wind turbine manufacturing activity: Gamesa is currently developing farms in areas with considerable wind resources in the US (around 100 MW); it continues to arrange joint development agreements with Chinese electric utilities; and the division has been vital in reinforcing the company's position in India, where it has a portfolio of 2,267 MW under development in seven states.