September 15, 2016 / 5:40 AM / 3 years ago

Spain's Gamesa buys half of Adwen from Areva for 60 million euros

A Gamesa wind turbine stands in the Sierra de Alaiz, near Pamplona, northern Spain, June 28, 2016. REUTERS/Vincent West

MADRID (Reuters) - Spain’s Gamesa GAM.MC said on Thursday it has acquired 50 percent of offshore wind turbine Adwen from Areva AREVA.PA for 60 million euros ($67.5 million) after a merger between the Spanish wind-farm manufacturer and Siemens (SIEGn.DE).

When Siemens and Gamesa agreed their merger in June, they specified that Areva had three months to decide whether it wanted to buy out Gamesa’s 50 percent Adwen stake, or sell it to them.

In the mean time Generale Electric made an offer for some of Adwen’s assets, but Areva rejected that advance last month.

Adwen has contracts to build 1,500 megawatts of offshore wind power generating capacity on the French coast for utilities Engie and Iberdrola. These were awarded at above-market prices, but come with obligations to build factories and create jobs in France.

($1 = 0.8896 euros)

Reporting by Paul Day; Editing by Matthias Blamont

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