Inside Spanish Wind - Gamesa targets 38GW by 2017

Gamesa plans double digit annual growth in sales during over the next three years with the aim of attaining 3500–3800MW by 2017.

In its Outlook 2015-2017 plan unveiled today, the Spanish manufacturer said sales in 2015 will be close to 3100MW and it is aiming to achieve a doubling in size with respect to the start of its 2013–2015 plan.

The company’s plan is based around a high degree of geographical diversification. It aims to maintain its leading position in India, Mexico, Brazil and China, as well as increase its presence in mature markets such as the US and Europe, and expand into Asia-Pacific and Africa.

In operations and maintenance, Gamesa expects 20% growth in revenues through 2017, boosted by growth in MW under maintenance, new long-term contracts and an offer of value-added products.

It expects to improve profitability ratios through strict control of fixed expenses and the implementation of new continuous improvement programmes, in order to double EBIT by 2017 with respect to the 181 million reported in 2014, and attain an EBIT margin of over 8%.

Gamesa also plans to generate net cash flow throughout the period, which, combined with a sound balance sheet, will enable it to maintain an attractive dividend policy (payout ≥25%) in line with growth in net profit.

Beyond 2017, the company is planning further expansion through Adwen, its joint venture with Areva which is working on an 8MW offshore turbine. The JV aspires to a 20% European market share by 2020, Gamesa said.

It is exploring opportunities in sectors that offer a high level of synergy with the wind business, such as solar and offgrid, particularly in India.

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