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Vestas Finishes Off The Year With A Bang

Danish wind energy giant Vestas Wind announced Tuesday two new orders to cap off an impressive year that saw the company take in orders up to 5,703 MW.

The two new orders amount to 210 MW between them — one for 60 MW for wind turbine equipment to be provided to SunEdison, as part of a Master Supply Agreement with the potential for up to 600 MW. The order comes just in time to take advantage of the recently renewed US Production Tax Credit, and will provide 2 MW and 3 MW wind turbines for various projects throughout the US.

The second announcement completed yet another Master Supply Agreement, this time between Vestas and leading US independent power producer EDF Renewable Energy which represented up to 1,174 MW of capacity, of which a total of 1,094 MW has been received by Vestas. On top of the 150 MW order announced Tuesday, Vestas and EDF also announced the formation of a new Master Supply Agreement for orders up to 1 GW which replaces the previous Agreement.

“In 2013, Vestas and EDF RE signed an ambitious master supply agreement laying out our partnership,” said Chris Brown, President of Vestas’ sales and service division in the United States and Canada.  “Today’s announcement will be the last under that productive umbrella agreement. But we’re not done yet. EDF RE is one of the most successful renewable energy developers in the North American market, and this new agreement opens the door to our next gigawatt of continued collaboration in 2015 and beyond.”


Photo Credit: V112-3.0 MW, Macarthur, Australia, via Vestas Wind

“Over 1 GW of new wind energy projects have materialized to date under the frame agreement EDF Renewable Energy and Vestas entered into in late 2013, significantly strengthening the partnership between our two companies in the process,” said Ryan Pfaff, Executive Vice President of EDF Renewable Energy. “With the recent extension of the Production Tax Credit, we look forward to working with Vestas to bring additional, clean energy projects online in the US over the next few years.”

Vestas has seen a strong year in 2014, as shown by its third-quarter earnings report published in early November. The company saw both revenue and profit go up, despite a drop in order intake for the quarter.

“The third quarter of 2014 continued the trend with improvements in several operational areas and thus highlights that execution remains on track for our strategy, profitable growth for Vestas,” said Group President and CEO Anders Runevad. “Based on the expected delivery plan for the remainder of the year and the improved cost base, we raise our guidance on revenue, EBIT and cash flow.”

Fourth-quarter earnings reports not due out until 2015.

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