Wind Turbine Maker Vestas Turns Q1 2014 Profit
Danish wind turbine maker Vestas surprised the market on Friday by returning to profit in the first quarter due to improved margins, higher revenue and lower fixed capacity costs, sending its shares up 7 percent. Operating profit before special items amounted to 40 million euros ($55.45 million) in the quarter from a loss of 108 million euros a year ago. Analysts polled by Reuters had on average expected a 29.9 million euros loss. Vestas has shed more than 5,000 jobs, closed plants…
Vestas Inks Swedish 122 MW Wind Deal
Danish wind turbine manufacturer Vestas Wind Systems said on Friday it had received a 122 megawatt turbine order for a wind project in Sweden. The order was for 37 units of the V117-3.3 MW turbine for the Sorby Wind Farm project in Ljusdal, Vestas said in a stock exchange announcement. Reporting by Teis Jensen
Offshore Wind Turbines for MHI Vestas Offshore
MHI Vestas Offshore Wind A/S, a JV between Mitsubishi Heavy Industries, Ltd. (MHI) and Vestas Wind Systems A/S, has reached a conditional agreement with Skovgaard Invest ApS and Energicenter Nord for the purchase of four V164-8.0 MW offshore wind turbines for the Velling Mærsk project in Western Denmark. The agreement allows for phase two (0-series) of development for the world’s most powerful offshore wind turbine to commence. The Velling Mærsk project will use the 0-series of the V164-8.0 MW…
GL Renewables Certification Updates Type Certification for Vestas' V52 Turbine
Vestas Wind Systems has received an update of the type certificate for its V52-850 kW wind turbine from GL Renewables Certification (GL). Vestas Wind Systems expanded its manufacturing portfolio for the V52 wind turbine to its hubs in China. The type certificate has been updated and now includes production of this wind turbine type in Vestas' new manufacturing facilities in China. The Type Certificate confirms that the V52 wind turbine complies with the requirements of the International Standard regarding design, power quality and verification of the load assumptions.
Vestas Profit Beats Forecast
Danish wind turbine maker Vestas Wind Systems posted much higher than expected second-quarter earnings and slightly increased its guidance for the full year, signaling its turnaround from the brink of collapse has taken hold. Its shares opened up more than 5 percent on Wednesday, touching a two-month high of 290 Danish crowns, and were trading 2.7 percent higher at 282.6 crowns by 0715 GMT. Vestas said earnings before special items jumped to 104 million euros ($138 million) from 12 million a year ago, compared to analysts' expectations of 63 million.
MHI & Vestas Join Hands in Offshore Wind Turbine Business
Mitsubishi Heavy Industries, Ltd. (MHI) has agreed with Vestas Wind Systems A/S (Vestas), a leading manufacturer of wind power generation systems based in Denmark, to establish a new joint-venture company (J/V). Plans call for the arrangement to be in place before the end of March 2014. The new J/V will be launched taking over and consolidating MHI's and Vestas' current operations in offshore wind turbines. From a head office to be located in Aarhus, Denmark, the company will handle all aspects from development, design, procurement and manufacturing to marketing and after-sale servicing.
New Wind Farm Service Vessel for ESVAGT
A 15-year contract will see a new ESVAGT service operation vessel (SOV) support MHI Vestas Offshore Wind in the Deutsche Bucht (DeBu) Wind Farm project. ESVAGT will deliver the SOV for MHI Vestas in August 2019. The new contract is not only the longest in ESVAGT’s history, but it is also the largest in terms of value. “This contract builds on the strong relationship we have had with MHI Vestas since 2010,” said ESVAGT A/S Chief Executive Officer, Søren Nørgaard Thomsen. MHI Vestas and ESVAGT have collaborated on the Belwind 1 and Nobelwind 1 offshore wind farm projects in Belgium since 2010…
Huge Offshore Turbine Blades Arrive at Test Center
Manufacturers Vestas have sent three 80-meter blades for what they describe as the world's most powerful offshore wind turbine, Vestas V164-8, to the Danish National Test Center for large wind turbines in Østerild. The arrival of the blades means that all essential parts for giant turbine now in place at the test center, and the unit is expected to deliver its first power in early 2014. The blades were manufactured in the Isle of Wight, England, and were sent by ship to Bergen and beyond with special transport to Østerild.
Vestas Sells Wind Turbine Tower Plant
Titan Wind Energy (Suzhou) Co., Ltd. is China’s largest global manufacturer of wind turbine towers and already a long standing supplier to leading turbine manufacturers including Vestas. The acquisition of the towers factory in Varde will establish Titan Wind Energy’s global manufacturing footprint in Europe, while also maintaining a vast majority of the approximately 120 jobs at the factory in Varde. • About 120 highly specialised ”greentech” jobs are maintained in Varde, Denmark. • The facility in Varde is ideally positioned to support the further globalisation of Titan Wind Energy’s operations. Going forward, both Titan Wind Energy and Vestas say they see a huge potential in the continued cooperation.
World's Largest Wind Turbines Installed off UK Coast
Dong Energy has installed the first of the world's largest wind turbines, which are taller and wider than the London Eye, at its Burbo Bank windfarm off the coast of Britain in the Irish Sea, it said on Thursday. The 32 turbines, made by Vestas, will each be able to generate 8 megawatts (MW) of electricity, stand 195 metres tall from sea level and have a rotor diameter of 164 metres. "This will be the first commercial deployment of the world's largest wind turbines," Benj Sykes, Dong's UK country manager for wind power, told Reuters.
New CEO, Co-CEO to Lead MHI Vestas Offshore Wind
Mitsubishi Heavy Industries (MHI) and Vestas Wind Systems (Vestas) have appointed Philippe Kavafyan to Chief Executive Officer (CEO) and Lars Bondo Krogsgaard to Co-Chief Executive Officer (Co-CEO) of MHI Vestas Offshore Wind. The appointments will take effect on 1 April, 2018, and are made in accordance with the joint venture agreement's principle of changing its leadership every four years. Under the leadership of out-going CEO Jens Tommerup and Co-CEO Tetsushi Mizuno, MHI Vestas Offshore Wind has established itself as a leading player in offshore…
DNV GL Alliance for Offshore Wind Energy Development in Vietnam
Singapore-based Enterprize Energy and partner Renewable Energy Global Solutions (REGS), together with PetroVietnam consortium comprising Petroleum Equipment Assembly & Metal Structure (PVC-MS) and VietSovPetro (VSP), MHI-Vestas Offshore Wind (MVOW), and DNV GL signed a series of exclusive Agreements forming an alliance for multi-phased, utility-scale wind developments, offshore Southern Vietnam, including feasibility, environmental, development, financing planning through implementation.
DNV GL Advised Partners Group on Offshore Wind Project
DNV GL, the world’s largest resource of independent energy experts and certification body, has successfully completed a comprehensive due diligence project on the 730 MW Borssele III/IV construction-ready offshore wind project in the Netherlands. The work was commissioned by Partners Group, the global private markets investment manager, in preparation for its successful bid to acquire a 45% stake in the project on behalf of its clients. The investment will make funds managed and/or advised by Partners Group the largest shareholder in the Borssele III/IV farm.
DNV GL Lends Support to Walney 3 Offshore Wind Project
DNV GL has secured a role as technical advisor to a group of institutional lenders with their investment of the 659MW Walney Extension. Located off the coast of North West England at Barrow-in-Furness, the Walney Extension offshore wind farm will bring a mix of wind turbine types, featuring 40 MHI Vestas V164 and 47 Siemens SWT-7.0-154 turbines. DNV GL conducted a detailed technical due diligence study and full independent energy production assessment, allowing the group of lenders to develop an understanding of the technical characteristics and risk profile.
HSH Nordbank to Finance Brotorp Wind Farm
HSH Nordbank will provide the investor BlackRock with a long-term loan amounting to about € 31 million to refinance the Brotorp wind farm in southern Sweden. The farm with 14 Vestas 126 type wind turbines and a total capacity of 46.2 megawatts (MW) has been in operation since December 2015. With US$ 6.29 trillion in assets under management (as of 31/12/2017), BlackRock is the world's largest independent asset manager. HSH Nordbank has previously already completed numerous transactions in the photovoltaics business with this investor.
Vestas Develops Replacement for Damaged Offshore Wind Turbines
Danish wind turbine manufacturer Vestas Wind Systems AS is developing a new offshore wind turbine model following recent gear box problems at several of its currently operating turbines, Swedish magazine Ny Teknik said. At the same time, Vestas and Swedish subcontractor SKF AB are trying to determine the causes of the damage to gear boxes, which recently induced the Danish group to stop sales of the V90 3 MW windmill for offshore installations. [Source: Thomson Financial]
Fastest Sailboat on the Planet – 'Vestas Sailrocket 2'
The speed sailing boat smashes the current record in Walvis Bay, off the coast of Namibia. The new world record of 59.23 knots (109kph) set the best average time over 500m and broke the previous mark of 55.65 knots with a peak speed of 63 knots (119kph). Two days later the team improved this speed with a 59.38 knot run which peaked at exactly 120kph (64.78 knots). During the same run the team also smashed the nautical mile world record* with an average of over 55 knots. The ink was barely dry on the first record.
Offshore Wind Majors Sign Turbine Test-bed Agreement
Dong Energy advances its involvement in Vestas’ prototype testing of the V164-8MW turbine in Østerild, Denmark. Dong Energy and Vestas Wind Systems have entered into a cooperation agreement on the testing of Vestas' V164-8.0 MW wind turbine at Test Centre Østerild in Denmark. Through this agreement, Dong Energy becomes involved earlier in Vestas´ development of the V164-8.0 MW offshore wind turbine than previously envisaged. This ensures Dong Energy a detailed understanding of and experience with Vestas’ new offshore wind turbine at an early stage. Vestas expects that the first turbine will be installed and commissioned at Test Centre Østerild during the second quarter of 2014.
DNV GL Assists John Laing in Horath Onshore Wind Farm
DNV GL, the world largest resource of independent energy experts, has assisted John Laing, a leading international originator, investor and manager of infrastructure projects, in its investment in the onshore wind farm Horath Wind Farm in Germany. DNV GL conducted technical due diligence on the new asset with a focus on verifying its estimated energy yield. The work follows on from a long collaboration between the two companies, including DNV GL’s due diligence support work for John Laing’s recent acquisition of the 89.1 MW Klettwitz Wind Farm, one of Germany’s largest onshore wind farms.
Turbine Maker Vestas to pay Dividend
Analysts disappointed by 2015 financial targets; shares fall over 6 percent. Danish wind turbine maker Vestas proposed its first dividend payment in 12 years after beating fourth-quarter profit forecasts, though its shares fell on what analysts described as conservative targets for 2015. The dividend payment is a sign Vestas Wind Systems has finally turned the corner after a tough few years during which it slashed jobs and costs as faltering economies and cutbacks in government subsidies hit demand for its turbines. Vestas proposed a dividend of 3.90 Danish crowns per share, equivalent to 29.5 percent of 2014 net profits, just below the 0.52 euros or 4 crowns expected by analysts in a Reuters poll.
GE to Trial World’s Largest Wind Turbine in UK
U.S. conglomerate General Electric will test the world's largest wind turbine in a facility in northeast England, it said on Tuesday. GE Renewable Energy, the renewable arm of the U.S. firm, and the British government-funded Offshore Renewable Energy Catapult signed a five-year agreement to test GE's Haliade-X 12 megawatt (MW) turbine in Blyth, Northumberland. "This is an important agreement because it will enable us to prove Haliade-X in a faster way by putting it under controlled and extreme conditions," John Lavelle, president & CEO of GE's Offshore Wind business said in a statement.
Eneco Consortium Wins Borssele III&IV Tender
The consortium of Eneco, Diamond Generating Europe, Shell and Van Oord has won the tender for the construction and operation of Dutch offshore windfarms Borssele III & IV. The preferred supplier for the wind turbines is MHI Vestas Offshore Wind. Winning the tender is a confirmation that the primarily Dutch based members of the consortium are committed and determined to push the energy transition forward in the Netherlands and the important role that offshore wind needs to play in it.
Taiwan: The Next Battleground for Offshore Wind
Taiwan is becoming the next battleground for the world's top offshore wind developers as they seek a foothold in Asia for a technology that has been expanding fast in Europe.Taiwan announced results on Monday of its first major offshore wind farm auction that aims to add 3.8 gigawatts (GW) of capacity to its existing network of just 8 megawatts (MW).The island's offshore wind market is expected to expand to 5.5 GW by 2025, and the government aims to invest $23 billion on onshore and offshore wind projects by 2025…