Vestas lands its largest order in years
The Local Denmark - [email protected]
Published: 30 Jun, 2014 CET.
Updated: Mon 30 Jun 2014 10:10 CET
It was a busy weekend for the wind turbine manufacturer, with orders from the French company EDF to instal turbines in two large wind projects in the United States. An analyst said it represents a turning point for the Danish company.
Danish wind turbine manufacturer Vestas landed two massive orders over the weekend that will see the company instal 225 new turbines in the US. The company announced on Saturday that it had secured two orders from the renewables unit of Electricite de France (EDF) totaling 450 megawatts (MW). EDF ordered 150 Vestas V110 turbines for the Roosevelt Wind Project in New Mexico as well as 75 V100 turbines for the Slate Creek Wind Project in Kansas. The 450 MW combined order represents Vestas’s largest since 2010 and comes as part of a master supply agreement with EDF Renewable Energy (EDF RE) that was announced in September. “Slate Creek will be our first V110-2.0 MW project with EDF RE, and Roosevelt will be the largest wind park in New Mexico,” Chris Brown, the head of Vestas’ sales and service division in the US and Canada, said. In response to the news, Vestas stock was up by over five percent on the Copenhagen C20 exchange on Monday morning. Niels Lunde, the editor-in-chief of financial daily Børsen, characterised the orders as a major turning point for Vestas, which has struggled in recent years. “Vestas now has new leadership, a new strategy and the opportunity to create growth,” Lunde told DR. Vestas replaced former CEO Ditlev Engel with current leader Anders Runevad in September following eight consecutive quarters of losses. In other Vestas news, the company reached a $5 million (27 million kroner) conditional settlement on Thursday over a 2011 lawsuit filed by US shareholders who accused the company of misstatements that inflated the company's share price. As part of the settlement, Vestas denied any wrongdoing. “We look forward to putting this case behind us, which will allow us to continue our focus on the operation of the business to the benefit of our customers and our owners,” the company’s chairman of the board, Bert Nordberg, said in a statement.
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Danish wind turbine manufacturer Vestas landed two massive orders over the weekend that will see the company instal 225 new turbines in the US.
The company announced on Saturday that it had secured two orders from the renewables unit of Electricite de France (EDF) totaling 450 megawatts (MW).
EDF ordered 150 Vestas V110 turbines for the Roosevelt Wind Project in New Mexico as well as 75 V100 turbines for the Slate Creek Wind Project in Kansas.
The 450 MW combined order represents Vestas’s largest since 2010 and comes as part of a master supply agreement with EDF Renewable Energy (EDF RE) that was announced in September.
“Slate Creek will be our first V110-2.0 MW project with EDF RE, and Roosevelt will be the largest wind park in New Mexico,” Chris Brown, the head of Vestas’ sales and service division in the US and Canada, said.
In response to the news, Vestas stock was up by over five percent on the Copenhagen C20 exchange on Monday morning.
Niels Lunde, the editor-in-chief of financial daily Børsen, characterised the orders as a major turning point for Vestas, which has struggled in recent years.
“Vestas now has new leadership, a new strategy and the opportunity to create growth,” Lunde told DR.
Vestas replaced former CEO Ditlev Engel with current leader Anders Runevad in September following eight consecutive quarters of losses.
In other Vestas news, the company reached a $5 million (27 million kroner) conditional settlement on Thursday over a 2011 lawsuit filed by US shareholders who accused the company of misstatements that inflated the company's share price.
As part of the settlement, Vestas denied any wrongdoing.
“We look forward to putting this case behind us, which will allow us to continue our focus on the operation of the business to the benefit of our customers and our owners,” the company’s chairman of the board, Bert Nordberg, said in a statement.
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