Has the wind turned for Vestas?
As shareholders took in the grim news that Danish wind turbine maker, Vestas, had made a loss in the first quarter of 2011, despite boosting revenue by 25 percent over 2010, it announced two large contracts in China. The management said the market would prove choppy from quarter to quarter but that overall order books looked healthy.
The China deals are good news since Asia, and China in particular with its huge growth wind turbine manufacturers, has seen competition hot up.
The latest deal is with Inner Mongolia Guibang Shengtai Investment, which has ordered high performing V80 turbines for a 49 MW for a project in Huitengxile Prairie, Inner Mongolia. The two have also signed an agreement for another 250 MW of wind energy projects to be developed in the coming years.
A few days earlier Vestas announced another deal with an unnamed buyer in the Shandong Province for a 100 MW wind farm.