Gamesa and SunEdison have signed an agreement jointly develop up to 1,000 megawatts of wind energy projects by 2018.
Under the terms of the agreement, the two companies would set up an equally-owned joint venture to develop projects, with a focus on India and Mexico. Once the projects are ready to build, SunEdison would acquire them from the joint venture, assuming the financing of their construction with the intent to place them into TerraForm once operational.
At the same time Gamesa would supply all of the wind turbines as well as, potentially, full engineering, procurement, and construction services for the co-developed projects. It would also operate and maintain the projects co-developed by the joint venture under long-term operations and maintenance agreements.
SunEdison would also commit to the purchase of additional wind turbines from Gamesa for its facilities based on the amount of capacity co-developed under the scope of the agreement.
The definitive agreements concerning the creation of the joint venture, including initial selection of projects for co-development, are expected to be signed by the end of 2015.
