Reports related to this article:
Project(s): View 6 related projects in PECWeb
Plant(s): View 6 related plants in PECWeb
Released February 13, 2024 | SUGAR LAND
en
Researched by Industrial Info Resources (Sugar Land, Texas)--The wind-energy business has seen rough weather over the past year, particularly in the U.S. offshore market, but Vestas Wind Systems A/S (Copenhagen, Denmark) is seeing some positive signs after its quarterly order intake hit record highs at the end of 2023. In a year-end report, Vestas executives said the global wind market appears to be stabilizing, and they expect results will continue to improve this year; in fact, the company pointed to strong onshore activity in the U.S. as a top factor. Industrial Info is tracking nearly $45 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 $23 billion worth have 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.
"We had a record order intake of 18.4 gigawatts for the year," said Henrik Andersen, the chief executive officer of Vestas, in a quarterly earnings-related conference call. "The [global] order intake was driven by strong growth in both offshore and onshore, especially in the U.S. We ended revenue at 15.4 billion euros [US$58.2 billion]. The increase in revenue was driven by higher pricing, as well as the continued growth in the service business."
On the windy plains of north-central Texas, NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida) is putting the finishing touches on its $650 million Canyon Windfarm Project in Snyder, Texas, which will generate 309 megawatts (MW) from 48 Vestas turbines. Farther north, Omega Energia, which is controlled by Tarpon Investimentos S.A. (Sao Paulo, Brazil), is preparing to begin construction on a $412.5 million addition to the Goodnight Windfarm in Panhandle, Texas, which will generate 265 MW from 59 Vestas turbines.
In August, Steel Dynamics Incorporated (NASDAQ:STLD) (Fort Wayne, Indiana) signed a power purchase agreement (PPA) with NextEra for virtually all of the power generated by the Canyon Windfarm; both companies say it is the largest PPA for the steel industry in North America. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the Canyon and Goodnight projects.
U.S. projects under construction with Vestas on board include Innergex Incorporated's (Longueuil, Quebec) $528 million Boswell Springs Ranch Windfarm in Rock River, Wyoming, which will use 80 turbines to generate 320 MW, and Cordelio Power's (Toronto, Ontario) $125 million Moraine Sands Windfarm in Havana, Illinois, which will use 38 turbines to generate 171 MW. Microsoft Corporation (NASDAQ:MSFT) (Redmond, Washington), which aims to generate all of its electricity from renewable sources by 2025, agreed to purchase the full output from Moraine Sands.
Subscribers can read detailed reports on the Boswell Springs Ranch and Moraine Sands projects, and learn more from June 5, 2023, article - Microsoft to Buy Full Output from Illinois Windfarm.
"I think the U.S. market onshore seems to be a good market for quite a few of us," Andersen said in the conference call. "We're building our own capacity, and we are putting the full utilization of our own factories first."
In Canada, the province of Newfoundland and Labrador accounts for some of the most ambitious wind-energy projects in North America. Vestas turbines are being considered for two major projects proposed for the area: ABO Wind AG's (Wiesbaden, Germany) Toqlukuti'k Wind project in Arnold's Cove, which is designed to generate 500 MW, and EverWind Fuels LLC's (Halifax, Nova Scotia) Burin Peninsula Windfarm in Burin, which is designed to generate 1 gigawatt (GW).
Although both projects are in their permitting and review phases, the companies involved are envisioning multiple future phases to be built out over the coming years. ABO and EverWind were among the companies Newfoundland and Labrador selected in August to develop windfarms that will supply power for "green" hydrogen production, according to Reuters. Canada pledged last year to supply green hydrogen to Germany by 2025, putting it in competition with the U.S. Gulf Coast and other areas seeking to develop cleaner hydrogen. Subscribers can read detailed reports on the Toqlukuti'k and Burin projects.
Subscribers to Industrial Info's GMI Project Database 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."We had a record order intake of 18.4 gigawatts for the year," said Henrik Andersen, the chief executive officer of Vestas, in a quarterly earnings-related conference call. "The [global] order intake was driven by strong growth in both offshore and onshore, especially in the U.S. We ended revenue at 15.4 billion euros [US$58.2 billion]. The increase in revenue was driven by higher pricing, as well as the continued growth in the service business."
On the windy plains of north-central Texas, NextEra Energy Incorporated (NYSE:NEE) (Juno Beach, Florida) is putting the finishing touches on its $650 million Canyon Windfarm Project in Snyder, Texas, which will generate 309 megawatts (MW) from 48 Vestas turbines. Farther north, Omega Energia, which is controlled by Tarpon Investimentos S.A. (Sao Paulo, Brazil), is preparing to begin construction on a $412.5 million addition to the Goodnight Windfarm in Panhandle, Texas, which will generate 265 MW from 59 Vestas turbines.
In August, Steel Dynamics Incorporated (NASDAQ:STLD) (Fort Wayne, Indiana) signed a power purchase agreement (PPA) with NextEra for virtually all of the power generated by the Canyon Windfarm; both companies say it is the largest PPA for the steel industry in North America. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the Canyon and Goodnight projects.
U.S. projects under construction with Vestas on board include Innergex Incorporated's (Longueuil, Quebec) $528 million Boswell Springs Ranch Windfarm in Rock River, Wyoming, which will use 80 turbines to generate 320 MW, and Cordelio Power's (Toronto, Ontario) $125 million Moraine Sands Windfarm in Havana, Illinois, which will use 38 turbines to generate 171 MW. Microsoft Corporation (NASDAQ:MSFT) (Redmond, Washington), which aims to generate all of its electricity from renewable sources by 2025, agreed to purchase the full output from Moraine Sands.
Subscribers can read detailed reports on the Boswell Springs Ranch and Moraine Sands projects, and learn more from June 5, 2023, article - Microsoft to Buy Full Output from Illinois Windfarm.
"I think the U.S. market onshore seems to be a good market for quite a few of us," Andersen said in the conference call. "We're building our own capacity, and we are putting the full utilization of our own factories first."
In Canada, the province of Newfoundland and Labrador accounts for some of the most ambitious wind-energy projects in North America. Vestas turbines are being considered for two major projects proposed for the area: ABO Wind AG's (Wiesbaden, Germany) Toqlukuti'k Wind project in Arnold's Cove, which is designed to generate 500 MW, and EverWind Fuels LLC's (Halifax, Nova Scotia) Burin Peninsula Windfarm in Burin, which is designed to generate 1 gigawatt (GW).
Although both projects are in their permitting and review phases, the companies involved are envisioning multiple future phases to be built out over the coming years. ABO and EverWind were among the companies Newfoundland and Labrador selected in August to develop windfarms that will supply power for "green" hydrogen production, according to Reuters. Canada pledged last year to supply green hydrogen to Germany by 2025, putting it in competition with the U.S. Gulf Coast and other areas seeking to develop cleaner hydrogen. Subscribers can read detailed reports on the Toqlukuti'k and Burin projects.
Subscribers to Industrial Info's GMI Project Database 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).
