2004/286/EC: Commission Decision of 23 July 2003 on… Article 1

Article 1

The State aid which Spain is planning to implement for Gamesa, consisting of an interest-free loan amounting to a total of EUR 27772769,34, is compatible with the common market within the meaning of Article 87(3)(c) of the EC Treaty, provided that the gross grant equivalent of the aid does not exceed EUR 14795715,99. The gross grant equivalent of the aid shall be calculated using the reference and discount rate published by the Commission, plus a premium of 400 basis points.

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