Gallop Power, Gestamp Wind North America, and Banco Santander Enter Into Wind Project Partnership

Flat Water Holdings, LLC (“Flat Water”) announced an equity partnership associated with the 60 MW Flat Water Wind project, a tri-party partnership between Gallop Power, LLC (“Gallop”), Gestamp Wind North America, Inc., a subsidiary of Gestamp Renewables (Gestamp Corporation), and Banco Santander, S.A. (“Santander”). 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 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.”