The Spanish wind turbine maker announced on Thursday it had inked a Memorandum of Understanding (MoU) with the US renewables major and said the definitive agreements for the JV creation were to be signed by the end of this year.
The projects to be co-developed by the two firms will come from Gamesa's global pipeline. SunEdison will acquire them once they are ready for construction and take care of the financing. The Spanish company, meanwhile, will supply the needed wind turbines and, potentially, provide full engineering, procurement and construction (EPC) services. Gamesa will also operate and maintain the assets under long-term agreements.
“By partnering with Gamesa [..] we’re particularly well positioned to capture the opportunity in India and Mexico, two regions where we already have a strong solar presence,” said Paul Gaynor, SunEdison executive vice president of the Americas and EMEA.
The US company’s plan is to transfer the wind power capacity developed with Gamesa to its yieldco vehicle TerraForm upon completion. SunEdison will also buy additional Gamesa turbines based on the amount of MWs co-developed under the scope of the JV.