The Board of Directors Gamesa has today agreed the sale of its subsidiary Gamesa Solar to U.S. private equity fund First Reserve Corporation for 208 million euros, as reported by the company, which announced a net profit of 220 million euros in 2007, a reduction of 29.7% due to the absence of extraordinary.
The selling price of its solar subsidiary is obtained by subtracting the debt accounted for Gamesa Solar at the end of last year, 53 million euros, the value of the company's business, estimated at 261 million euros.
The company's president, Guillermo Ulacia, has emerged as a key to deciding the sale of solar division, whose management team will depend on the new owner upon completion of the operation, "technology does not have to be a leader in the solar business and the need to focus on Gamesa the wind energy sector. "
"The enhancement of Gamesa Solar, which was established in 2005, completes the process of divesting its non-strategic activities initiated by the sales divisions aeronautics and services in 2006. Thus, Gamesa develops exclusively on wind energy, a highly technological activity where Gamesa is a world leader, "he added.
The operation, in which Citigroup has acted as financial advisor Gamesa, is subject to certain conditions to meet before March 31. In the past year, Gamesa Solar, whose plan of projects for this year is greater than 40 MW, 207 million euros turnover, reaching a gross operating profit (Ebitda ) of 26 million euros.
Gamesa was dumped mostly in the manufacture of panels and the promotion of solar farms. It is clear that the new RD will make only stay in the business of Huertas those who want to lower the huge margins, it seems, are the manufacturers. It seems a logical move but I have seen Gamesa compete in 5-kw photovoltaic ... I think we are approaching a revolution in the sector, a slowdown in speculation and rising construction Soteno. We'll see if I'm not mistaken.
Via: Elpais.com
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