Flat Water recently began construction of the Flat Water Wind Farm, located in Richardson County, Nebraska, and the project is expected to reach commercial operations by December 31, 2010. Under a long-term power purchase agreement, Omaha Public Power District (“OPPD”) will purchase the full output of the facility.
Flat Water will employ GE 1.5 MW wind turbines and began electrical and civil construction work earlier this year.
Regarding the transaction, Stephen Wiley, president of Gallop Power, commented that the partnership with Gestamp Wind and Santander will provide significant benefits to the long-term viability of Flat Water. He added: “These two companies have been engaged in the energy renewable business for many years and have long track records of success. The skill and expertise of these two companies will only enhance the successful construction and operations of Flat Water. We look forward to providing OPPD with clean, renewable wind power for many years to come.”
Javier Mateache, CEO of Gestamp Wind North America, headquartered in Houston, Texas, stated that Flat Water will become the company’s first operating project in the U.S. He added: “We are delighted to participate in such a solid project with complementary parties that add value to our core competencies. Our investment in Flat Water is another important step for Gestamp Wind in the U.S. energy market.”
Alberto Ramos, Managing Director of Banco Santander said: “This deal provided us with the opportunity to develop our activity in the renewable energy sector and to build strong relationships with relevant and experienced players in the U.S. market.”
Gallop, based in Austin, Texas, is primarily focused on developing, owning, and operating renewable energy facilities in wind power, biomass, and solar. In addition to Flat Water, the company owns a 16 Mw biomass facility located in Maine.
Gestamp Wind is the wholly-owned renewable wind energy subsidiary of Gestamp Corporation, and is currently developing, building, and operating wind farms in Europe, Latin America, and North America. Gestamp is a Spanish industrial holding company whose core businesses are industrial steel manufacturing services including metal components for the automotive industry, steel towers for the wind industry, and steel structural components for the solar industry. Gestamp has over 85 manufacturing facilities in more than 25 countries with annual revenue in excess of $6 billion.
Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with presence in 10 main markets. At the end of 2009, Santander was the largest bank in the euro zone by market capitalization and fourth in the world by profit. Founded in 1857, Santander had EUR 1,245 billion in managed funds at the end of 2009. Following the acquisition of Sovereign Bancorp in the U.S. in January 2009, Santander has 90 million customers, 13,660 branches – more than any other international bank – and 170,000 employees.
It is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal and a broad presence in Europe through its Santander Consumer Finance arm. In 2009, Santander registered €8,943 million in net attributable profit. Santander Global Banking & Markets is the Group’s global wholesale division, offering products and services to large corporations and institutional investors through local and global teams with deep market knowledge. Tailored solutions cover all financing, investment and risk-management needs.
Santander has worked with many of the leading renewable energy companies in the world, including Gestamp. The company established a group for the purpose of making investments in the renewable sector in countries such as the U.S.