The turbine manufacturer will handle maintenance for three years, with an option to extend the deal for another two years, on 1,143 Gamesa 2MW turbines with a combined installed capacity of 2,286MW.
In addition, Iberdrola awarded Gamesa a contract to manage O&M services at three Iberdrola wind farms in Hungary, which have a combined installed capacity of 108MW. Under the terms of this agreement, the company will maintain 54 Gamesa 2MW turbines for three years, with an option to extend the deal for another two years.
Gamesa manages maintenance on 6GW of Iberdrola-owned turbines worldwide. The companies in late 2011 signed a framework agreement under which Iberdrola awarded Gamesa a three-year maintenance contract on 1,748MW of Gamesa 650kW and 850kW machines in Spain and Portugal.
Spain's domestic market has ground to a halt in terms of new installations following a slashing of subsidies. Gamesa has therefore identified O&M as a key area for the company's growth thanks to its recurring revenue, high profitability and cash flow generation.
Indeed, while Gamesa earlier this moth confirmed that it made its first ever loss as a company in 2012 of €659 million, the one area of the business to show growth was its O&M division. Revenues in the O&M division expanded by 23%, to €344 million, and megawatts under maintenance grew by 17% (19,111MW). This came within the context of overall group revenues falling by 6.2% to €2.84 billion.
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