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Gamesa Sees Strong Growth In First Quarter

Spanish wind turbine manufacturer Gamesa has released its first quarter earnings report for 2015, and it’s good news all around, with increase in revenue and sales, pushing the company’s shares to a near-yearly high.

Announced on Wednesday, Gamesa revealed that the company’s revenues increased 43% to €820 million, from €573 million in Q1’14. Net profit hit €62 million, up from €17 million a year earlier, with sales worth 818 MW signed in the first quarter, up from 567 MW a year earlier.

Part of the reason for the company’s first quarterly growth was the success of its joint venture with Areva, Adwen, which had a positive impact of €18.5 million on Gamesa’s net profit. Launched in March, Adwen — a joint venture between the two companies dedicated to offshore wind — did a lot to push Gamesa’s profitability up this quarter.

Subsequently, Gamesa shares jumped 4%, bringing the company’s shares to just under a 12-month high.

“In a context of growing demand, Gamesa continued to strengthen profitability, driven by growth in revenues, the optimisation of cost variables and the positive impact of the currency effect,” the company wrote in its brief public-facing announcement.

Gamesa has been hard at work this quarter, with numerous orders announced all around the world — including India, Mexico, and Brazil. Gamesa retained its top position in the Indian wind market for 2014, according to a March report, while it came in seventh in global sales for 2014, according to MAKE Consulting’s Global Wind Turbine OEM 2014 Market Share analysis report.

But it might be Gamesa’s attention to emerging markets such as India, Mexico, and Brazil which will bring the company even more growth as the quarters turn, given the expected growth of such regions. Another report from MAKE Consulting in May predicted that Latin America — which includes Mexico and Brazil — will reach 4.8 GW and 5.4 GW worth of wind energy in 2015 and 2016. Specifically, Brazil is set to connect nearly 23 GW worth of new wind capacity by 2024, despite a major slump between 2017 and 2020. Gamesa is well set to make the most of these growth expectations, with growing market share in the region.

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