1 Table of Contents 2
1.1 List of Tables 7
1.2 List of Figures 8
2 Company Snapshot 9
2.1 Key Information 9
2.2 Company Overview 9
2.3 Financial Performance 9
2.4 Business Description 9
2.4.1 Business Overview 9
2.4.2 Generation 10
2.4.3 Manufacturing 11
2.4.4 Solar Power 13
2.5 History 14
3 Gamesa Wind Market Analysis 16
3.1 Global Wind Market 16
3.2 Gamesa’s Wind Turbine Installations 17
3.3 Gamesa’s Position in Top 10 Wind Power Countries 17
3.4 Geographical Break-up of Wind Turbine Installations by Gamesa, 2007 18
3.5 Market Share of Gamesa in Leading Wind Power Countries, 2007 20
4 SWOT Analysis 21
4.1 Overview 21
4.2 Gamesa Corporacion Tecnologica, S.A. Strengths 21
4.2.1 Leading Market Position 21
4.2.2 Vertically Integrated 22
4.2.3 Excellent Track Record of Profitable Growth 22
4.3 Gamesa Corporacion Tecnologica, S.A. Weaknesses 22
4.3.1 Operational Risk 22
4.3.2 Decline EBITDA margin 23
4.4 Gamesa Corporacion Tecnologica, S.A. Opportunities 23
4.4.1 Boost for Renewable Energy Market 23
4.4.2 Prospects in China 23
4.5 Gamesa Corporacion Tecnologica, S.A. Threats 24
4.5.1 Aggressive Competition 24
4.5.2 Fluctuating Currency 24
5 Value Chain Analysis 25
5.1 Equipment Manufacturing 25
5.1.1 Overview 25
5.1.2 Financials, Production and Major Projects 25
5.2 Consulting 26
5.2.1 Overview 26
5.2.2 Financials, Production and Major Projects 26
5.3 System Integration 26
5.3.1 Overview 26
5.3.2 Financials, Production and Major Projects 26
5.4 Project Development 27
5.4.1 Overview 27
5.4.2 Financials, Production and Major Projects 27
5.5 Distribution 27
5.5.1 Overview 27
5.5.2 Financials, Production and Major Projects 27
5.6 Vertical Integration 28
6 Major Products and Services 30
6.1 Overview 30
6.1.1 Products 30
6.1.2 Services 30
6.2 Wind Turbines in the Industry 31
6.3 Gamesa’s Product Range 33
7 Gamesa’s Wind Farms 35
7.1 Top 10 Wind Farms 35
7.2 Upcoming Wind Farms 36
8 Revenue Analysis 37
8.1 Revenue by Segment 37
8.2 Revenue by Geography 38
9 Financial and Operational Review 39
9.1 Financial Statements 39
9.2 Financial Ratios 40
9.3 Operational Indicators 40
10 Business Strategy 41
10.1 Mission Statement 41
10.2 Strategy 41
10.3 Corporate Social Responsibility 43
10.3.1 Overview 43
10.3.2 Specific CSR Initiatives 43
10.4 Company Statement 44
11 Competitors 47
12 Share Holding Structure 48
13 Key Employees 49
14 Key Employee Biographies 50
15 Locations and Subsidiaries 51
15.1 Head Office 51
15.2 Other Locations & Subsidiaries 52
16 Recent Developments 54
16.1 Operations Updates 54
16.1.1 Jul 11, 2008: Gamesa Starts Up Its Fourth Production Center in China 54
16.1.2 Jul 09, 2008: NedPower Starts Phase I of Mount Storm Wind farm In West Virginia 54
16.1.3 Feb 05, 2007: Gamesa Completes Construction of Andalusia’s Solar Energy Farm in Sevile 54
16.2 Financial Announcements 55
16.2.1 Jul 29, 2008: Gamesa Reports 1H 2008 Results 55
16.2.2 May 14, 2008: Gamesa Reports 1Q 2008 Results 57
16.2.3 Feb 28, 2008: Gamesa Reports 2007 Results 58
16.2.4 Nov 16, 2007: Gamesa Declares First Nine-Month Fiscal 2007 Results 60
16.2.5 Jul 31, 2007: Gamesa Declares Half Year 2007 Results 61
16.2.6 May 16, 2007: Gamesa Declares Q1 2007 Results 62
16.2.7 Feb 20, 2007: Gamesa Reports Year-End 2006 Results 63
16.3 Strategy and Business Planning 65
16.3.1 Jun 25, 2007: Gamesa and Daniel Alonso Combine Tower Businesses 65
16.4 Government and Public Interest 66
16.4.1 Jun 02, 2008: DOE Announces Effort to Advance US Wind Power Manufacturing Capacity 66
16.5 Other Significant Developments 67
16.5.1 Jun 13, 2008: Iberdrola, Gamesa Sign Wind Turbine Supply Contract 67
16.5.2 Jan 29, 2008: Gamesa Appoints SVP, Corporate Affairs 69
16.5.3 Dec 20, 2007: Gamesa Appoints New Vice President 70
17 Financial Deals Landscape 71
17.1 Asset Purchase 71
17.1.1 Iberdrola Renovables Acquires La Torrecilla Wind Farm from Gamesa 71
17.1.2 Babcock and Brown Acquires Seven Wind Farm Projects from Gamesa Energy 72
17.1.3 Electrabel Acquires Wind Farm in Portugal from Gamesa 73
17.1.4 Babcock & Brown Wind Partners Acquires Four Wind Farms from Gamesa 75
17.1.5 Iberdrola Renovables Acquires Two Wind Farms from Gamesa 76
17.1.6 Electrabel Acquires Two Wind Farms in Portugal from Gamesa 78
17.1.7 Babcock & Brown Wind Partners Acquires Valdeconejos Wind Farm in Spain 80
17.1.8 Electrabel Acquires a Wind Farm from Gamesa 81
17.1.9 Endesa acquires wind energy capacity from Gamesa 83
17.1.10 Viridis Clean Energy Acquires Lower Saxony Wind Portfolio 84
17.1.11 Electrabel Acquires 80 MW Wind Farm in Portugal from Gamesa 86
17.1.12 Iberdrola Acquires Six Wind farms from Gamesa 87
17.1.13 IBERDROLA Acquires Stake in Eight Wind Farms from Gamesa 89
17.2 Partnership 91
17.2.1 Navitas Energy Signs Joint Venture Agreement with Grupo Auxiliar Metalurgico 91
17.2.2 Gamesa Corporacion Tecnologica Forms Partnership with Grupo Daniel Alonso 92
17.2.3 Gamesa Forms Joint Venture with Iberdrola 94
17.3 Private Equity 95
17.3.1 3i Group Acquires Global Energy and Siemsa Este from Gamesa Corporacion Tecnologica 95
17.3.2 Gamesa Corporacion Tecnologica Sells Gamesa Solar To First Reserve Corporation 97
17.4 Acquisition 99
17.4.1 Ferrovial's Del Pino family acquires 5% in Gamesa 99
17.4.2 Iberdrola Acquires 11% Stake in Gamesa 101
17.4.3 Greentech Energy to Acquire Majority Interest in Parco Eolico from Gamesa 103
17.4.4 Gamesa Acquires 75% Stake in Navitas 104
18 Gamesa Wind Turbine Contract Analysis 107
18.1 Recent Wind Turbine Contracts 107
18.1.1 July 11, 2008: Gamesa Signs A Turnkey Contract With Longyuan Electric Power For The Supply Of Wind Turbines 107
18.1.2 June 13, 2008: Gamesa Signs a Contract with Iberdrola Renovables for the Supply of Wind Turbines 108
18.1.3 March 14, 2007 Gamesa Signs Two Contracts with Veronagest in Italy 109
18.1.4 February 09, 2007: Gamesa Supplies 165 Wind Turbines to Office National de l Electricie (ONE) 111
18.1.5 February 01, 2007: Gamesa Signs a Contract with New & Renewable Energy Authority for Supply of 241 MW Wind Turbines 113
19 Appendix 115
19.1 Methodology 115
19.2 About Global Markets Direct 115
19.3 Contact Us 115
19.4 Disclaimer 115
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