MADRID, Sept 23 (Reuters) - Spanish wind turbine maker Gamesa said on Wednesday a strategic agreement with renewables firm Iberdrola Renovables drawn up in June 2008 will not come into effect before June 30, 2011.
The agreement, whereby Gamesa will sell wind farms to Renovables in exchange for a stake in a joint venture managing the assets, now gives Renovables the option to acquire the assets without creating the joint venture, Gamesa said in a statement.
"The strategic agreement ... has been adapted to market condition and enables the deal to overcome legal problems which affected its execution under the original terms," Gamesa said. (Reporting by Jonathan Gleave; Editing by Jon Loades-Carter)