The United States Department of the Treasury grants $32 million to Gestamp Wind
Gestamp Wind receives in the United States $32 million out of the incentive funds for the renewable energy sector due to the investment made in the wind farm Roth Rock (Maryland)
(Madrid, September 16, 2011) Gestamp Wind, the wind energy division of Gestamp Renewables (Corporation Gestamp) has been granted with $32 million by the United States Department of the Treasury. This Cash Grant in lieu of the Investment Tax Credit was given within an exceptional window that ends December 2011 and into the frame of measures to incentive the economy contemplated in the American Recovery and Reinvestment Act.
The wind farm is composed by 20 turbines with Nordex Technology of 2, 5 Mw each, summing up 50 Megawatts of nominal installed power.
Out of the 50 MW energy production, 80% will be sold to Delmarva (Utility) through a 20 years power purchase Agreement. The 20% left will be sold through two contracts with dependent state entities concretely to the Maryland University and the State General Service Department. The wind farm will overcome the 130 Gwh of annual production.
Javier Mateache, CEO of Gestamp Wind North America, thinks ¨This is another big step for our company and confirms our commitment and contribution in the development of a cleaner and sustainable energy model in the USA.¨ he also added ¨Gestamp Wind will continue investing and working hard to earn a position in the most competitive and powerful energy market in the world¨.
About Gestamp Wind
Gestamp Wind is the wind energy division of Gestamp Renewables, specialized in the development, construction and operation of wind farms with projects in Europe, Brazil, EEUU, Turkey and South Africa. Gestamp Wind is one of the leading companies in the wind energy business. Gestamp Wind integrates vertically, the development, construction and operation of wind farms. The company has over 460 Mw in operation and an important pipeline of over 2,000 MW in the different markets where the company is currently active.
About Gestamp Renewables-Corporación Gestamp
Corporación Gestamp, the parent company of Gestamp Renewables, is a multinational leader in Europe in the steel, automotive components and renewable energy sectors It is currently present in over 25 countries throughout Europe, the Americas and Asia, with nearly a hundred industrial plants. Composed by a global workforce of over 27,000 employees, Corporación Gestamp had total revenues of over ¼5.5 billion in 2010.
Gestamp Renewables (www.gestampren.com), a division of Corporación Gestamp, is an industrial group that operates and supplies components within the renewable energy sector. Since 2005, Gestamp Renewables has aspired to position itself as an international leader within the renewable energy sector, using a unique and integrated business model encompassing the entire value chain ± from the manufacture and supply of components, to the development, construction, maintenance and operation of wind, solar and biomass energy projects.
Gestamp Renewables integrates the three lines of renewable energy activities of Corporación Gestamp: Solar, Wind and Biomass energy. In 2010, the revenues were of over 154 million Euros, with an Ebitda of 33 million Euros. With a clear international vocation, currently it is present in Europe, USA, India and Turkey.
Gestamp Renewables integrates the three lines of renewable energy activities of Corporación Gestamp: Solar, Wind and Biomass energy. In 2010, the revenues were of over 154 million Euros, with an Ebitda of 33 million Euros. With a clear international path, currently it is present in Europe, USA, India and Turkey.