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Released August 19, 2016 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)-- Vestas Wind Systems A/S (Aarhus, Denmark) truly has the wind in its sails, as the company is increasing its full-year outlook for revenues and profits after it reported significantly higher revenue, earnings and profit in second-quarter 2016. The company has been benefiting from government support for renewable energy, including subsidies in its home country Denmark and the extension of the U.S. Production Tax Credit; in particular, the U.S. accounted for 27% of Vestas' quarterly order intake. The quarter's revenues stood at 2.6 billion euros ($2.95 billion), a 46% increase from the same period last year. Industrial Info is tracking $20.54 billion in projects involving Vestas.
The company's combined backlog of wind turbine orders and service agreements stood at 18.1 billion euros, an increase of 1.2 billion euros compared to the year-earlier period. Deliveries, as measured by the number of megawatts (MW) in turbines shipped, skyrocketed in each of the company's major geographic regions when compared with second-quarter 2015: 1,126 MW, up from 787 MW, in Europe, the Middle East and Africa; 1,090 MW, up from 669 MW, in the Americas; and 275 MW, almost double 145 MW, in the Asia-Pacific region.
Europe accounted for the five highest-valued projects, each with a total investment value of more than $1 billion.
The two largest projects under construction to involve Vestas are each valued at $2 billion: E.ON SE's Rampion Offshore Windfarm in the English Channel, near Wight, England, and Danish Energy Agency's (Copenhagen, Denmark) Horns Rev (Reef) III Offshore Windfarm near Ringkobing, Denmark. E.ON plans to build 116 structural steel towers, each with one of Vestas's 3.45-MW, V112 wind turbine generator sets. The construction has seen at least one big surprise: According to Brighton and Hove News, E.ON had to call in explosives experts to detonate two World War II-era bombs that were found 40 feet below the surface. For more details, including environmental and equipment requirements and contractor contact information, see Industrial Info's project report.
The Horns Reef III project includes 50 tubular steel towers, each fitted with a Vestas V164 wind turbine generator set, each of which has a capacity of 8 MW and will be connected to the mainland by a submerged line. It is expected to produce the world's cheapest offshore wind power for roughly 450,000 Danish households. For more details, see Industrial Info's project report.
Not yet under construction, but highly anticipated, is the highest-valued project to involve Vestas: Elicio NV (Ostend, Belgium) and Eneco Holding NV's (Rotterdam, Netherlands) $2.26 billion Norther Offshore Windfarm, near Zeebrugge, Belgium. MHI Vestas Offshore Wind A/S, a subsidiary of Vestas, is expected to provide 6-MW wind turbine generator sets for 60 tubular steel towers, for a total capacity of 360 MW. The project has had to navigate some tricky waters; according to SeeNews, the Belgian Council of Ministers recently reduced its support period from 20 to 19 years, but extended the duration of its discounted energy cost from 20 to 22 years. For more details, see Industrial Info's project report.
Germany boasted 320 MW of turbine deliveries during the second quarter, the highest of any single country and nearly double that of France, which had the second-highest number. And Vestas is at work on another project, the $1.02 billion expansion of the Borkum Riffgrund Offshore Windfarm, near Borkum. Dong Energy AS, the project's owner, is planning to add 57 structural steel towers, each fitted with a V164 generator set from MHI Vestas, for a total capacity of 456 MW. The project is in its capital approval stage. For more information, see Industrial Info's project report.
Dong Energy also is the owner of the $1.65 billion expansion of the Walney Offshore Windfarm in the Irish Sea, near Cumbria, England, which would make Walney the largest offshore windfarm in the world. The project, which began site preparation work in June, is set to feature 42 V164 generator sets, for a total capacity of about 330 MW. The windfarm's backers have been careful to maintain positive relations with the community; earlier this summer, Dong pledged to invest £15 million ($17 million) in community and environmental projects, in recognition of local co-operation, according to BBC. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
The company's combined backlog of wind turbine orders and service agreements stood at 18.1 billion euros, an increase of 1.2 billion euros compared to the year-earlier period. Deliveries, as measured by the number of megawatts (MW) in turbines shipped, skyrocketed in each of the company's major geographic regions when compared with second-quarter 2015: 1,126 MW, up from 787 MW, in Europe, the Middle East and Africa; 1,090 MW, up from 669 MW, in the Americas; and 275 MW, almost double 145 MW, in the Asia-Pacific region.
Europe accounted for the five highest-valued projects, each with a total investment value of more than $1 billion.
The two largest projects under construction to involve Vestas are each valued at $2 billion: E.ON SE's Rampion Offshore Windfarm in the English Channel, near Wight, England, and Danish Energy Agency's (Copenhagen, Denmark) Horns Rev (Reef) III Offshore Windfarm near Ringkobing, Denmark. E.ON plans to build 116 structural steel towers, each with one of Vestas's 3.45-MW, V112 wind turbine generator sets. The construction has seen at least one big surprise: According to Brighton and Hove News, E.ON had to call in explosives experts to detonate two World War II-era bombs that were found 40 feet below the surface. For more details, including environmental and equipment requirements and contractor contact information, see Industrial Info's project report.
The Horns Reef III project includes 50 tubular steel towers, each fitted with a Vestas V164 wind turbine generator set, each of which has a capacity of 8 MW and will be connected to the mainland by a submerged line. It is expected to produce the world's cheapest offshore wind power for roughly 450,000 Danish households. For more details, see Industrial Info's project report.
Not yet under construction, but highly anticipated, is the highest-valued project to involve Vestas: Elicio NV (Ostend, Belgium) and Eneco Holding NV's (Rotterdam, Netherlands) $2.26 billion Norther Offshore Windfarm, near Zeebrugge, Belgium. MHI Vestas Offshore Wind A/S, a subsidiary of Vestas, is expected to provide 6-MW wind turbine generator sets for 60 tubular steel towers, for a total capacity of 360 MW. The project has had to navigate some tricky waters; according to SeeNews, the Belgian Council of Ministers recently reduced its support period from 20 to 19 years, but extended the duration of its discounted energy cost from 20 to 22 years. For more details, see Industrial Info's project report.
Germany boasted 320 MW of turbine deliveries during the second quarter, the highest of any single country and nearly double that of France, which had the second-highest number. And Vestas is at work on another project, the $1.02 billion expansion of the Borkum Riffgrund Offshore Windfarm, near Borkum. Dong Energy AS, the project's owner, is planning to add 57 structural steel towers, each fitted with a V164 generator set from MHI Vestas, for a total capacity of 456 MW. The project is in its capital approval stage. For more information, see Industrial Info's project report.
Dong Energy also is the owner of the $1.65 billion expansion of the Walney Offshore Windfarm in the Irish Sea, near Cumbria, England, which would make Walney the largest offshore windfarm in the world. The project, which began site preparation work in June, is set to feature 42 V164 generator sets, for a total capacity of about 330 MW. The windfarm's backers have been careful to maintain positive relations with the community; earlier this summer, Dong pledged to invest £15 million ($17 million) in community and environmental projects, in recognition of local co-operation, according to BBC. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
