Areva and Gamesa Forming Adwen Joint Venture for Offshore Wind

(Bloomberg) — Areva SA and Gamesa Corp. Tecnologica SA are
forming a joint venture to build and install offshore wind
turbines.

The venture will be named Adwen and will be equally owned
by the two companies, according to a statement Monday. It has a
pipeline of 2.8 gigawatts of projects under development and has
set a goal of controlling 20 percent of the European market by
2020.

Gamesa, Spain’s biggest turbine maker, and Areva, the
French power-equipment company, are making a push in offshore
wind as European nations seek to develop more projects at sea
because they can be larger and produce more power. Adwen expects
to use 5-megawatt and 8-megawatt turbines.

“The offshore market represents one of the most promising
areas for the development of renewable energies over the next
decade, particularly in the coastal countries of northern
Europe, where the installed base should reach over 25 gigawatts
by 2020,” Gamesa said in the statement.

Globally, offshore projects may approach 39 gigawatts of
cumulative installations by 2020, according to data compiled by
Bloomberg New Energy Finance.

The two companies first announced plans to work together in
January 2014. Areva said then it would be contributing about 280
million euros ($304 million) of assets and Gamesa would
contribute 195 million euros.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Will Wade, Steven Frank

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