By Isabella Kaminski

Gamesa and Iberdrola have given official notice to Spain's National Securities Market Commission that they will end their strategic agreement for developing wind farms.

According to Gamesa and Iberdrola, the global economic downturn has substantially changed market conditions and the companies’ individal strategies.

The strategic agreement, originally signed on 13 June 2008 and amended on 23 September 2009, envisaged a series of cross-linked options on some Gamesa wind farms in Spain and other countries in Europe, as well as the possibility of joint development and operation of wind farm projects in said areas.

However, both Gamesa and Iberdrola say they hope to continue working together to bolster their positions in the wind energy business, as they have done for the past 15 years.