Vestas CFO steps down; shares fall 5%
Vestas, a Danish company, announced on Wednesday that its Chief Financial officer Hans Martin Smith would step down at the end of the year. The company has already begun searching for his successor. This news sent its shares down 5,5% in the early trading. Last month, the wind turbine manufacturer reported a lower-than-expected core profit for its third quarter.
Vestas operating profit for the third quarter is below forecast
Vestas is the largest wind turbine manufacturer in the world. On Tuesday, it reported lower-than expected third-quarter profits and stated that its operating profit margin for this year will be at the lower end. In its earnings report, the company said that the higher costs in Europe, Middle East, and Africa (EMEA), and the United States were the main reasons for the lower margin.
Manager of China's Sany says that the company plans to start European production by 2026.
Sany, a Chinese wind turbine manufacturer, is planning to begin production in Europe in 2026. The company is already in advanced discussions with potential European clients. In April, the European Union launched an investigation into the subsidies that Chinese turbine manufacturers received as Europe sought to protect its own industry. "We have reduced…
Vestas Q2 loss increases, but the wind turbine unit turns a profit
Vestas, a Danish company, reported on Wednesday that its second-quarter loss had more than doubled from a year earlier. However, a focus on high-priced wind turbine projects has helped the division to return to profitability. The world's largest wind turbine manufacturer cut its profitability forecast for the full year, citing increased costs in its services business. It also warned of a loss in the second quarter.
Vestas reduces its full-year profit forecast as rising costs bite
Vestas is the largest wind turbine manufacturer in the world. On Monday, it warned of a loss for the second quarter and cut its revenue and profit forecasts for the year. The company's stock fell 5%. Vestas said that its service business, which is usually a bright point, would take a hit of 300 million euros ($327.63) in the second quarter due to sustained inflation…
Denmark's Vestas Breaks Wind Turbine Installation Record, Woodmac Says
Danish wind farm turbine builder Vestas became the first wind turbine manufacturer to install more than 10 GW of wind capacity in a single year (2019), according to new analysis from Wood Mackenzie.The Danish OEM’s grid-connected capacity of 11.3 GW in 2019 is an increase of 1.5 GW on 2018, with installations completed in over 35 markets. The company’s…
MHI Vestas Eyes Further Asia Pacific Growth. Appoints Regional Manager
Offshore wind turbine specialist MHI Vestas has appointed Masato Yamada as Regional Manager Asia Pacific to facilitate broader growth across the region.The company, a joint venture between Denmark's Vestas and Japan's Mitsubishi Heavy Industries, said Wednesday Yamada would oversee the company’s growth across the Asia Pacific region. He was formerly the company’s Chief Strategy Officer based in Aarhus…
Vestas Scores More Offshore Wind Farm Work in Vietnam
Danish wind turbine maker Vestas has won an order to deliver V150-4.2 MW wind turbines to be installed in Vietnam's Mekong Delta and has also secured a 20-year service contract - the longest such contract in Vietnam for a wind turbine manufacturer."Maintaining its successful momentum with 200 MW order intake in Vietnam last year, Vestas has now secured…
MHI Vestas Orders ABB Transformers
MHI Vestas Offshore Wind, the global wind turbine manufacturer, has selected ABB’s Power Grids business to deliver its WindSTAR transformers for the Triton Knoll offshore wind project in the UK.ABB’s WindSTAR power transformers are designed to fit inside the wind turbine and can withstand strong vibrations, sudden movements and variable electrical loading, typical of wind power.
Goldwind Wins Certification LiDAR Tech
Chinese wind turbine manufacturer Goldwind is the world’s first OEM to receive DNV GL’s Component Certification for its LiDAR Assisted Control system.The certificate is issued according to DNV GL’s own Type and Component Certification Service Specification in conjunction with the Recommended Practice for new Technology Qualification.LiDAR, which stands for “Light Detection And Ranging”…
Siemens Gamesa Ups 'Green' Credit to $1.4Bln
Wind turbine manufacturer Siemens Gamesa Renewable Energy (SGRE) has increased the amount of guarantees that qualify as "green" to €1.25 billion ($1.4Bln) as they contribute to the United Nations Sustainable Development Goals (SDG).The deal, arranged with BNP Paribas, adds €350 million to the existing line of €900 million in "green" guarantees arranged…
Senvion to Sell Assets to Siemens Gamesa
Insolvent German wind turbine manufacturer Senvion is in exclusive talks with Siemens Gamesa (SGRE) over the sale of a substantial part of its business.The Germany firm said that it has entered into an exclusivity agreement with Siemens Gamesa to pursue negotiations for the sale of selected Services and Onshore assets in Europe. The agreement was approved unanimously by Senvion's creditors' committee.
AMSC Bags Wind Turbine ECS Order from AMSC
The US-based energy solutions provider AMSC announced it has received a $9 million order for its 5.5 MW wind turbine electrical control systems from the Korean power company Doosan Heavy Industries & Construction (DHIC)AMSC signed an agreement with the South Korea’s wind turbine manufacturer in calendar year 2017 for the rights to design and exclusively…
Siemens Gamesa Firms Belgian Offshore Wind Project
Spanish wind turbine manufacturer Siemens Gamesa Renewable Energy (SGRE) received the order for the 487 MW SeaMade offshore wind power project in Belgium from customer Seamade NV.The wind turbines and services provider said that it includes supply and commissioning of 58 units of the SG 8.0-167 DD offshore wind turbine and a 17-year Service agreement.
MHI Vestas Signs Tower Contract, Expands in Taiwan
MHI Vestas Offshore Wind, a joint venture of Mitsubishi Heavy Industries and Vestas Wind Systems, signed a conditional contract with CS Wind/Chin Fong the local manufacture of towers, as wind industry veteran takes the reins at newly formed entity in Taipei.MHI Vestas is firming up its localisation plans in Taiwan as the company held a signing ceremony…
Senvion, Toshiba Energy Systems Form Wind Energy Alliance
Toshiba Energy Systems & Solutions Corporation and German wind turbine equipment manufacturer Senvion GmbH announced that they signed a mutually non-exclusive strategic cooperation agreement for the distribution of onshore and offshore wind power generation systems.Through this collaboration, Toshiba ESS will sell Senvion's wind power generation system in Japan…
Serbia's First Large-scale Wind Farm to Start in October
Belgian renewable energy firm Elicio NV said on Friday its 42 megawatt (MW) Alibunar wind farm in northern Serbia will start operating in October and help the Balkan country diversify its energy mix and reduce greenhouse gas emissions.The wind farm, which has 21 wind turbines provided by German wind turbine manufacturer Senvion, is the first large-scale farm to connect on Serbia's grid.
Vestas 'Pleased' US Tax Bill Retains PTC Phase-out
Vestas, the world's top wind turbine manufacturer, said Thursday it was "pleased" the final U.S. tax bill retains a phase-out of production tax credits, after concerns over the bill had shaved almost a quarter of its share price. The final U.S. tax bill retains the production and investment tax credits for wind and solar energy that have spurred investment in these industries.
GE Interested in German Offshore Wind, Eastern Europe
General Electric, fresh from taking on the offshore wind business of rival Alstom, is positioning itself in Germany's expanding offshore wind sector and looking at eastern Europe. "German offshore wind has become very important for us," Carlos Haertel, chief executive for GE Germany & Austria, told Reuters in an interview. "Onshore wind in eastern Europe and the Balkan countries is currently interesting…
Vestas wins 20 MW South Korean Order
Danish wind turbine manufacturer Vestas Wind Systems said on Monday it had received a 20 megawatt turbine order for a wind project in South Korea. The order was for six units of the V112-3.3 MW turbine for the Yaksoo Wind Farm project in southwestern South Korean province Jeonnam, Vestas said in a press release on its website. The contract includes delivery…
