Gamesa more optimistic on U.S. renewables market

Fri May 20, 2011 7:58am EDT

* Gamesa more optimistic on U.S. renewables market outlook

* Sees continued uncertainty in Spain

MADRID, May 20 (Reuters) - Spanish wind turbine manufacturer Gamesa (GAM.MC) said it was more optimistic on the outlook for the U.S. renewable energy market, while regulatory uncertainty in Spain was still a concern.

"The U.S. market has a huge potential ... Recently I have seen things going in a more positive direction. There are senators in Washington who want to create a framework for renewable energies," Gamesa chairman Jorge Calvet told journalists on Friday.

"Draft legislation is being drawn up, and I think there will be more developments at the end of the year," he said.

Calvet expressed concern, however, about the outlook for Spain's renewable energies market, where regulatory uncertainty has blocked new projects in a sector considered key for job creation in a country with the highest unemployment rate in the European Union.

"As there is no regulatory framework from 2013 onwards, our clients are not investing, and we are not selling anything," Calvet said.

Gamesa has set up a fund to invest 50 million euros ($72 million) over five years in new renewable technologies, Calvet said.

Gamesa Venture Capital will buy minority stakes in companies developing products using the latest technology and has recently taken stakes in two U.S. firms, he said. (Reporting by Jose Elias Rodriguez; writing by Judy MacInnes; Editing by Will Waterman)

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