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Released August 13, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Inflation, operational issues, and increased costs from repairs and upgrades are giving Vestas Wind Systems A/S (Copenhagen, Denmark) a headache as it tries to reverse its losses from recent years. The company lowered expectations for its full-year profit margin outlook. But executives say some of the expenses are singular in nature and point to a strong global backlog. Industrial Info is tracking more than $44 billion worth of active and planned projects across the U.S. and Canada that are using, or considering, Vestas as a service provider; more than $25 billion worth are capital-spending projects with a medium-to-high (70% or more) probability of beginning construction as scheduled.
Click on the image at right for a graph detailing the top 10 parent companies for active and planned projects across the U.S. and Canada that are using, or considering, Vestas as a service provider.
Vestas executives say the company's Service business will incur a one-time, 300 million euro (US$327.63 million) hit in its fiscal second quarter. "Our Service business remains a highly profitable segment," the company said in a press release. "Disregarding the negative adjustment in second-quarter 2024, our profitability is on par with recent quarters, and we expect it to continue to stay on that level in the future with an upward trajectory."
The company insisted the adjustment has "no significant effect on the value of the Service order backlog," which it pegs at roughly 34.9 billion euros (US$38.15 billion) worldwide. Since the beginning of the year, Vestas has secured 1,044 megawatts (MW) worth of orders in the U.S. and 347 MW worth in Canada.
Vestas is providing technology to active windfarm projects in every U.S. region. Two projects in their earliest construction phases are to be found in Illinois: Copenhagen Infrastructure Partners' (Copenhagen, Denmark) $720 million Panther Grove Wind Facility in Minonk, which is designed to generate 400 MW from 86 turbines, and Apex Clean Energy Incorporated's (Charlottesville, Virginia) $320 million Prosperity Wind Project in Champaign, which is designed to generate 300 MW from 50 turbines.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the Panther Grove and Prosperity projects.
Before the end of the year, Apex expects to finish construction on its $250 million Timbermill Windfarm in Tyner, North Carolina, which is expected to generate 189 MW from 45 Vestas turbines. Next year, Serena Energia S.A. (Sao Paulo, Brazil) expects to finish a $412.5 million addition to its Goodnight Windfarm in Panhandle, Texas, which will add 265 MW from 59 turbines, while Innergex Renewable Energy Incorporated (Longueuil, Quebec) expects to finish its US$528 million Boswell Springs Ranch Windfarm in Rock River, Wyoming, which will generate 265 MW from 59 turbines.
Subscribers can read detailed reports on the Timbermill, Goodnight and Boswell Springs Ranch projects.
Some of the highest-valued projects featuring Vestas are in Canada. Invenergy LLC (Chicago, Illinois) is considering Vestas for several proposed windfarms north of the border, including the Mount Puggins and Hourglass windfarms in Tumbler Ridge, British Columbia, which are designed to generate 70 and 160 MW, respectively, and the 350-MW Pohenegamook-Picard-Saint-Antonin Wind Centre near Riviere-Du-Loup, Quebec. The Tumbler Ridge projects have faced years of delays, but the Quebec project is moving into its engineering phases. Subscribers can read detailed reports on the Mount Puggins, Hourglass and Quebec projects.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects featuring Vestas.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing the top 10 parent companies for active and planned projects across the U.S. and Canada that are using, or considering, Vestas as a service provider.Vestas executives say the company's Service business will incur a one-time, 300 million euro (US$327.63 million) hit in its fiscal second quarter. "Our Service business remains a highly profitable segment," the company said in a press release. "Disregarding the negative adjustment in second-quarter 2024, our profitability is on par with recent quarters, and we expect it to continue to stay on that level in the future with an upward trajectory."
The company insisted the adjustment has "no significant effect on the value of the Service order backlog," which it pegs at roughly 34.9 billion euros (US$38.15 billion) worldwide. Since the beginning of the year, Vestas has secured 1,044 megawatts (MW) worth of orders in the U.S. and 347 MW worth in Canada.
Vestas is providing technology to active windfarm projects in every U.S. region. Two projects in their earliest construction phases are to be found in Illinois: Copenhagen Infrastructure Partners' (Copenhagen, Denmark) $720 million Panther Grove Wind Facility in Minonk, which is designed to generate 400 MW from 86 turbines, and Apex Clean Energy Incorporated's (Charlottesville, Virginia) $320 million Prosperity Wind Project in Champaign, which is designed to generate 300 MW from 50 turbines.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the Panther Grove and Prosperity projects.
Before the end of the year, Apex expects to finish construction on its $250 million Timbermill Windfarm in Tyner, North Carolina, which is expected to generate 189 MW from 45 Vestas turbines. Next year, Serena Energia S.A. (Sao Paulo, Brazil) expects to finish a $412.5 million addition to its Goodnight Windfarm in Panhandle, Texas, which will add 265 MW from 59 turbines, while Innergex Renewable Energy Incorporated (Longueuil, Quebec) expects to finish its US$528 million Boswell Springs Ranch Windfarm in Rock River, Wyoming, which will generate 265 MW from 59 turbines.
Subscribers can read detailed reports on the Timbermill, Goodnight and Boswell Springs Ranch projects.
Some of the highest-valued projects featuring Vestas are in Canada. Invenergy LLC (Chicago, Illinois) is considering Vestas for several proposed windfarms north of the border, including the Mount Puggins and Hourglass windfarms in Tumbler Ridge, British Columbia, which are designed to generate 70 and 160 MW, respectively, and the 350-MW Pohenegamook-Picard-Saint-Antonin Wind Centre near Riviere-Du-Loup, Quebec. The Tumbler Ridge projects have faced years of delays, but the Quebec project is moving into its engineering phases. Subscribers can read detailed reports on the Mount Puggins, Hourglass and Quebec projects.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and planned projects featuring Vestas.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
