Vestas wins record order from EDPR

DENMARK - Denmarks Vestas, the worlds biggest wind turbine maker, said it had won its largest order ever, sending its shares soaring.

Vestas said in a statement the deal with Portuguese wind power firm EDP Renovaveis was for turbines with a capacity of 1,500 megawatts MW, and the agreement included an option for a further 600 MW.

Vestas said the turbines were to be delivered to North America, South America and Europe in 2011 and 2012 with the additional 600 MW exercisable in 2010 and 2011.

The company did not disclose financial details.

Henrik Aagaard, a trader at Jyske Bank, estimated the order value at around 1 billion euros US $1.33 billion. This reestablishes some of the confidence in Vestas that maybe hasnt really been there entirely. So this is great, he said.

Shares in Vestas rose as much as 11.5 percent after the news to trade up 11.4 percent at 378.60 Danish crowns.

This is incredibly positive. We recommend to buy Vestas, Nordea said in a note to clients.

Meanwhile, EDPR shares fell 4.2 percent to 5.12 euros.

Vestas said the order does not affect its financial guidance for 2010.

Related News

Ireland announces package of measures to secure electricity supplies

DUBLIN - Ireland's Cabinet has approved a package of measures to help mitigate the rising cost of rising electricity bills and to ensure secure supplies to electricity for households and business across Ireland over the coming years.

The package of measures includes changes to the Public Service Obligation (PSO) levy (beyond those announced earlier in the year). The changes will result in rebates, and thus savings, for domestic electricity bills over the course of the next PSO year beginning in October. This further reduction in the PSO levy occurs because of a fall in the relative cost of renewable energy, compared to…

READ MORE
power lines

Which of the cleaner states imports dirty electricity?

READ MORE

ontario rate relief

Ontario Extends Off-Peak Electricity Rates to Provide Relief for Families, Small Businesses and Farms

READ MORE

Egypt’s Electricity Minister Mohamed Shaker

Egypt Plans Power Link to Saudis in $1.6 Billion Project

READ MORE

wisconsin renewables

To Limit Climate Change, Scientists Try To Improve Solar And Wind Power

READ MORE