French nuclear and renewable energy company Areva has finalized the sale of its 50% stake in the offshore turbine manufacturer Adwen to Spain’s Gamesa.
Gamesa and Areva formed the Adwen joint venture in March 2015, with both companies investing around EUR 200 million, offering two 5MW turbine types (AD 5-135 and AD 5-132 ) and a 8MW (AD 8-180) turbine to the market.
Gamesa, now a 100% owner of Adwen, agreed to buy Areva’s share in the turbine maker for EUR 60 million in September 2016, as part of the merger agreement between Gamesa and Siemens.
Areva and Gamesa received commitments from the French government that Adwen’s 8MW wind turbines will be used for projects offshore France totaling 1.5GW on condition that the turbines are built in France.
”This sale is part of the transformation plan undertaken by AREVA to refocus its business on nuclear fuel cycle activities. Commitments made as part of the tender process for offshore wind farms in France will remain borne by Adwen,” Areva sadi in a statement.
Adwen was the second largest wind turbine manufacturer in Europe in 2015, with a market share of 18.2% of grid connected capacity, according to the statistics published by EWEA (now WindEurope).