Vestas

Offshore wind farm market devastated, EU looks to revive

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Offshore wind energy company shares have continued to plummet, as highlighted by the equity performance of key Danish player Orsted, whose share price slumped 23 percent yesterday, falling to a seven-year low. Higher interest rates and a rise in the cost of materials have been cited as key factors.

The slide was preceded by the cancellation of two major projects in the USA as a result of unfavorable market conditions.

Orsted’s share price peaked at 1,350 kr in 2021 and is now worth less than a quarter of that, 259 kr.

The plight of the Danish company, Denmark’s biggest energy company, mirrors the performances of other energy groups with offshore wind energy interests.

Vestas’ share price has fallen from 312 kr to 150 kr over the past couple of years, the Siemens Gamesa share has slumped from 41 euros to 15 euros, Ming Yang’s share is down to 15 yuan from 34 yuan and the Nordex share price is at 10 euros from 24 euros.

Share prices in the RES sector, overall, have also been affected up to a certain degree, but the offshore wind sector has certainly been hit hardest.

As put by Bloomberg columnist Javier Blas: “If you are building something big, requiring lots of financing, plus steel, copper and plastic, perhaps it would be not such a bad idea to hedge some of that interest rate and commodity price risk”.

Attention has turned to a major wind energy package announced by the European Commission just days ago, its aim being to achieve a capacity of 420 GW in wind energy by 2030, as part of the REPower EU initiative.

This support will certainly help the offshore wind sector, but it remains to be seen if it can compensate for the adverse economic climate and high interest rates.

Vestas unveils circularity solution to end landfill for turbine blades

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Vestas is presenting a new solution that renders epoxy-based turbine blades as circular, without the need for changing the design or composition of blade material. Combining newly discovered chemical technology developed within the CETEC initiative, and partnerships with Olin and Stena Recycling, the solution can be applied to blades currently in operation. This will eliminate the need for blade redesign, or landfill disposal of epoxy-based blades when they are decommissioned.

‘Until now, the wind industry has believed that turbine blade material calls for a new approach to design and manufacture to be either recyclable, or beyond this, circular, at end of life. Going forward, we can now view old epoxy-based blades as a source of raw material. Once this new technology is implemented at scale, legacy blade material currently sitting in landfill, as well as blade material in active windfarms, can be disassembled, and re-used. This signals a new era for the wind industry, and accelerates our journey towards achieving circularity,’ says Lisa Ekstrand, Vice President and Head of Sustainability at Vestas.

Turbine blades have previously been challenging to recycle due to the chemical properties of epoxy resin, a resilient substance that was believed to be impossible to break down into re-usable components. This has led to many technology leaders attempting to replace or modify epoxy resin with alternatives that can be more easily treated. Vestas’ solution is enabled by a novel chemical process that can chemically break down epoxy resin into virgin-grade materials. The chemical process was developed in collaboration with Aarhus University, Danish Technological Institute, and Olin the partners of the CETEC project, a coalition of industry and academia established to investigate circular technology for turbine blades.

‘The newly discovered chemical process can theoretically turn epoxy-based turbines blades, whether in operation or sitting in landfill, into a source of raw material to potentially build new turbine blades. As the chemical process relies on widely available chemicals, it is highly compatible for industrialisation, and can therefore be scaled up quickly. This innovation would not have been possible without the ground-breaking CETEC collaboration between industry and academia enabling our progress until this point,’ says Mie Elholm Birkbak, Specialist, Advanced Structures at Vestas.

Through a newly established value chain, supported by Nordic recycling leader Stena Recycling and global epoxy manufacturer Olin, Vestas will now focus on scaling up the novel chemical disassembly process into a commercial solution. Once mature, the solution will signal the beginning of a circular economy for all existing, and future epoxy-based turbine blades.

‘“As the leading customer solution provider of innovative epoxy systems, Olin is proud to support the anticipated massive expansion in wind energy worldwide. By utilising unique technologies, together with our partners, we are ready to recover molecules and convert them into new epoxies that can be re-used in wind turbine blades. We are excited to bring our expertise and unique asset footprint to this partnership, and realize breakthrough sustainable material solutions for existing wind blades and those of the future”, says Verghese Thomas, Vice President, Epoxy Systems and Growth Platforms at Olin.

‘In the coming years, thousands of turbines will be decommissioned or repowered, representing a major sustainability challenge but also a valuable source of composite materials. As one of Europe’s leading recycling groups with a wide footprint in Europe, we have a central role in the transition to a circular economy. We see this solution as a huge opportunity to take part in making a sustainable solution even more sustainable and circular and are ready to apply our chemical recycling expertise and knowledge to this process’ says Henrik Grand Petersen, MD Stena Recycling Denmark.

For several decades, producing wind turbine blades manufactured with epoxy-based resin has been standard practice in the wind industry. In the most mature markets for wind energy, the first turbines are reaching the end of their operational life and this will increase over the coming years. WindEurope expects around 25,000 tonnes of blades to reach the end of their operational life annually by 2025.

Once mature, the new solution will provide Vestas with the opportunity to produce new turbine blades made from re-used blade material. In the future, the new solution also signals the possibility to make all epoxy-based composite material a source of raw material for a broader circular economy, potentially encompassing industries beyond wind energy.

Vestas is the energy industry’s global partner on sustainable energy solutions. The company designs, manufactures, installs, and services onshore and offshore wind turbines across the globe, and with more than 154 GW of wind turbines in 87 countries, it is a global leader in the wind power sector.

 

Vestas named most sustainable company in the world

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Vestas, a global leader in sustainable energy solutions, has been named the most sustainable company in the 18th annual ranking of the world’s most sustainable corporations, published by Corporate Knights.

The ranking is based on a detailed assessment of 6,914 companies, each with more than US$1 billion in revenue, where performance across a range of sustainability metrics is evaluated.

The index revealed circularity and ambitious carbon emissions reduction goals as highly prevalent amongst high performers. The ranking is linked to the industry-leading progress of Vestas’ sustainability strategy.

Launched in 2020, the strategy has established sustainability performance as a core priority across the entire value chain, including across its supplier network.

As part of the strategy, Vestas recently launched an ambitious circularity roadmap and governance structure, along with having its carbon emissions reduction targets for internal operations validated by the Science Based Targets initiative, as being in line with the 1.5 degree scenario of the Paris Agreement.

“Vestas has successfully helped our partners avoid more than 1.7 billion tonnes carbon emissions over the past four decades. Building a more sustainable future for our planet however, demands that we do more. As the energy transition accelerates, Vestas is dedicated to making sure this transformation unfolds sustainably, in close collaboration with our partners”, said Henrik Andersen, CEO and President, Vestas.

“Improving our sustainability performance has been an opportunity for Vestas to create more value for our partners. Through establishing sustainability as a priority across our entire value chain, including our supplier network, we have created many more opportunities for collaboration, and for driving maturity and scale for the renewables industry. Although we still have a long journey ahead, we are proud to be paving the way for renewables to expand without compromising the interests of future generations”, said Lisa Ekstrand, Vice President and Head of Sustainability, Vestas.

“We are rapidly moving towards a future where leading sustainability performers like Vestas will drive more viable returns than their global corporate peers. This will form a strong foundation towards achieving a carbon-neutral economy in line with global climate goals”, said Toby Heaps, CEO, Corporate Knights.

Since its launch, Vestas’ sustainability strategy has elevated sustainability performance across several areas. Ongoing sustainability initiatives include circular product design initiatives, reducing CO2 emissions and waste production from manufacturing, alignment of sustainability goals with strategic suppliers and replacing all combustion vehicles with electric vehicles in Service, as well as benefit cars.

In addition to being the strongest performer within the Corporate Knights ranking, Vestas has recently been recognised as a leading performer by CDP, and is now also a member of the Dow Jones Sustainability Index for Europe.

Vestas is the energy industry’s global partner on sustainable energy solutions. The company designs, manufactures, installs and service onshore and offshore wind turbines across the globe, and with more than 145 GW of wind turbines in 85 countries, it is a market leader. 

Through its industry-leading smart data capabilities and unparalleled more than 123 GW of wind turbines under service, Vestas uses data to interpret, forecast, and exploit wind resources and deliver bestin-class wind power solutions. Together with its customers, Vestas’ more than 29,000 employees are bringing the world sustainable energy solutions to power a bright future.

Corporate Knights Inc. includes the sustainable-business magazine Corporate Knights and a research division that produces rankings and financial product ratings based on corporate sustainability performance.

About the Global 100 Methodology

All companies are scored on applicable metrics relative to their peers, with 50% of the weight assigned to Clean Revenue and Clean Investment. Nine of the indicators have fixed weights; the rest are assigned weights according to each industry’s relative and total impact in relation to the overall economy. After quantitatively analyzing data for 23 key performance indicators, this year’s overall scores were converted to letter grades.

Vestas signs deal with Enel X for electrification of corporate fleet

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Vestas Wind Systems A/S, a world leader in sustainable energy solutions, has signed a partnership with Enel X, the Enel Group’s advanced energy services business line, to accelerate the electrification of its company fleet, the companies have announced in a statement.

Through the agreement, Enel X will be providing Vestas with the required charging infrastructure to electrify its corporate fleet across its most prominent service markets.

“This new agreement marks another fruitful step in the collaboration between Vestas and the Enel Group,” said Francesco Venturini, CEO of Enel X. “Enel X’s key role as a technology leader in the electric mobility sector keeps on boosting the e-Mobility Revolution, and will support Vestas on the journey towards its ambitious sustainability goals, as well as further promoting electric mobility as one of the true enablers of the zero-emission future towards which the two companies have been working together for a long time.” 

“If we are to succeed with the energy transition across a global scale, industry leaders have a duty to implement the change we want to see,” said Anders Nielsen, Chief Technology Officer at Vestas. “One of our key goals at Vestas is to enable more sustainable energy systems by supporting the increased deployment of renewable energy beyond power and into the transport sector. By joining forces with Enel X, we can proudly demonstrate this process of deployment across our own global footprint, and help pave the way for a more sustainable future.”

Enel X will provide Vestas with a cloud-based charging platform solution, and 370 charging stations. The charging stations will be comprised of JuiceBoxes, enabling mobile e-vehicle charging, and JuicePoles, enabling the charging of two vehicles at the same time through an RFI card or App.

The charging network will support Vestas’ service and benefit car fleets across workplace locations in 15 of Vestas’ largest markets, spanning Europe and the Americas.

The collaboration marks a key step in Vestas’ journey towards retiring conventional vehicles by 2025, and forms part of Vestas’ commitment to becoming carbon neutral, without the use of offsets by 2030, as part of its broader sustainability ambitions.

Once the transition to electric vehicles is complete, Vestas anticipates more than one third of its scope 1 and 2 carbon emissions to be displaced. 

In addition, Vestas and Enel X have committed to leveraging their extensive resources as industry leaders in a joint effort to explore new innovations that will advance the energy transition. Both companies will begin an effort to identify opportunities to collaborate on developing innovations across e-mobility, grid integration and sector coupling.

 

 

 

Vestas reinforces dominance with new deals, including 54-MW order

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Vestas, a leading global partner for sustainable energy solutions, has further strengthened its leadership position in Greece with new orders  for wind projects placed by Volterra and Iberdrola, Vestas has announced.

Volterra has placed a 54-MW order for 15 V117-3.45 MW wind turbines delivered in 3.6 MW Power Optimised Mode for two wind parks in the Viotia region, northwest of Athens, according to a Vestas announcement.

Underlining Vestas’ ability to support customers in securing wind diverse energy projects, the order includes both the Kastro-Likovouni wind park derived from Greece’s feed-in premium system and the Ampelia wind park awarded at the country’s second renewables auction held in December 2018, Vestas informed.

“This order showcases the extent of the capabilities we offer to our customers as it covers projects derived from different energy schemes. Our vast experience, strong customer knowledge and leading technological solutions make Vestas the wind energy leader globally as well as in Greece. We are very glad to continue our very successful collaboration with Volterra”, said Marios Zangas, Head of Vestas Hellas.

Turbine delivery is planned for the second and third quarters of 2020 and commissioning for the second half of 2020.

Furthermore, Vestas has also won a 16-MW auction-derived order from Iberdrola for the Pyrgari wind park located in Viotia, the company  announced.

“We are very proud to have helped Iberdrola win this project and it underlines how our local experience and technology leadership enables us to successfully support our customers in the Greek auctions. We
believe that the project will benefit from the V150-4.2 MW turbine’s extremely competitive Levelised Cost of Energy and its perfect fit with the site’s wind conditions”, Zangas, the Vestas Hellas chief, noted.

In other company news, Vestas has also won an order for an 88-MW wind park in Greece with a 20-year Active Output Management 4000 (AOM 4000) service agreement, it announced. Other details remain undisclosed.

For this order, Vestas has developed a solution that includes the supply and installation of 21 V136-4.2 MW turbines equipped with Vestas Anti-Icing System to optimize performance at the site’s specific
climatic conditions, the company noted, adding the solution will minimize the risk of icing on the turbine blades, maximizing energy production in cold climate conditions.

These agreements lift the company’s total orders in Greece to over 1.9 GW and increase its market share to more than 50 percent, Vesta announced. The company installed the country’s first wind turbine back in 1986.

Since Greece launched its transition to an auction-based renewable energy system last year, Vestas has won more auctioned capacity than any other solutions provider, the company noted.

Vestas leadership change in global procurement

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Albie van Buel, head of global procurement at leading wind-energy firm Vestas, has decided to resign from his post, effective April 1, the company has announced.

He will be replaced by Keith Forsyth, who has been with Vestas for more than ten years, holding positions within global procurement and leading strategic cross-functional activities across Vestas, the company informed.

Passing on the global procurement division’s leadership at the present time is appropriate to continue developing the global procurement organisation at Vestas and delivering on future challenges and opportunities, the company noted.

 

Vestas reaches new milestone amassing 100 GW of wind turbine installations

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Vestas, a wind-energy solutions pioneer, achieved a new milestone late in 2018 by amassing 100 GW of installed wind turbines with the installation of a V110-2.0 MW turbine at MidAmerican Energy’s Wind XI project in Iowa, US, the company has announced in a statement.

Since the inaugural installation of a V10-30 kW turbine in Denmark in 1979, Vestas has installed over 66,000 turbines in around 80 countries across six continents and been a key part of taking wind energy from niche to mainstream.

Vestas, whose largest onshore wind turbine is the V150-4.2 MW turbine, attributed the company’s latest milestone to its continual evolution of wind energy technology and solutions that have increased output and efficiency to levels making wind energy the most affordable electricity source in many markets.

“We have pioneered wind energy across the globe for 40 years, and to install 100 GW together with our customers and partners is something we are extremely proud of as it underlines how far Vestas and wind energy have come. It’s also a pleasure to celebrate this milestone with a key customer like MidAmerican Energy”, remarked Anders Runevad, Vestas President and CEO. “Reaching this milestone has required continuous innovation, strong commitment and great execution from all Vestas’ employees, and, therefore, the 100 GW total represents a key part of the foundation enabling us to develop sustainable energy solutions of the future”.

Along the way to reaching its 100-GW milestone, Vestas has helped remove over one hundred million tons of CO2 from the atmosphere by providing sustainable and cost-effective solutions to meet the world’s energy demand, it noted in the company announcement.

Vestas has installed approximately 10 percent of the world’s total 1 TW of installed wind and solar energy capacity, the company informed in its statement.

 

Vestas receives 106-MW turbine order for Greek market

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Wind turbines manufacturer Vestas has won a 106-MW order to develop optimal solutions for several sites in Greece, the company has announced in a statement.

The order includes the supply and installation of 14 V136-4.2 MW, five V136-3.6 MW and eight V117-3.6 MW turbines, while, to optimize wind energy solutions for specific climatic conditions at sites, some of the V136-4.2 MW turbines will be equipped with Vestas’ Anti-Icing System, minimizing ice formation on blades to maximize energy production in cold weather conditions, the company statement added.

“Leveraging our ability to develop site-specific solutions and our competitiveness in the new auction system have been key factors in winning this order. Together with local partners, we are breaking new grounds for wind energy in Greece, highlighted by the fact that we, for the first time, are able to apply our expertise in cold-climate solutions in a Mediterranean country like Greece,” noted Marios Zangas, Head of Vestas Hellas.

Besides the supply and installation of the wind turbines, the contract also includes a 20-year Active Output Management 4000 (AOM 4000) service agreement. Turbine delivery is planned for the second and third quarter of 2019, and commissioning is planned for the third quarter of 2019.

Vestas emerged as a frontrunner in the Greek wind market in 1986 and has since installed around 1.4 GW of wind turbines, the company noted, while this latest order reinforces the company’s leading position in the market with a market share of over 50 percent, it added.

Vestas designs, manufactures, installs and services wind turbines across the globe. The company has installed 97 GW of wind turbines in 79 countries.

Vestas posts robust Q3 results, profit, record order backlog

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Wind turbines manufacturer Vestas has delivered strong results and profitability for Q3, including another all-time high order backlog, and with all regions contributing to a 25 percent increase in order intake year-on-year.

Global demand for wind energy continues to be strong, and although the industry remains highly competitive, the average selling price in the third quarter continued to stabilize, the company noted.

Its service business performed well with 14 percent organic growth in the quarter, while offshore joint ventures contributed to net profit with 23 million euros.  To ensure Vestas sustains its leading position and ability to achieve long-term growth in the renewable energy industry, the company remains focused on managing its fixed costs, effectively mitigating external factors such as tariffs, and delivering the profitability needed to innovate and deliver industry-leading renewable energy solutions.

With the aim of fulfilling an all-time high order backlog and expected higher activity in 2019, Vestas is continuing to leverage its balance sheet and have increased guidance for 2018 on investments to 600 million euros and decreased guidance for cash flow to minimum 100 million euros.

 

Vestas turbine deal takes firm’s local orders for 2017 to nearly 250 MW

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Vestas, a global partner for sustainable energy solutions, has received a 28-MW order from Total-EREN that adds to its strong order intake for 2017 in Greece, including an order concerning Greece’s largest wind park to date, the 90 MW Kasidiaris project, the company has announced in a statement. Company orders for Greece in 2017 reached nearly 250 MW.

Vestas has installed 1.3 GW of turbines in Greece, which represents more than half of the market’s total installed capacity.

The latest order, for the Flampouro project in central and northern Greece, includes supply and installation of two V117-3.45 MW turbines and six V126-3.45 MW turbines, as well as a 10-year Active Output Management 4000 (AOM 4000) service contract, the company noted in the statement.

“The year 2017 was another record year for Vestas in Greece, not only because we have signed one of the largest wind parks to be built in Greece – Kasidiaris – but also because we have exceeded our own expectations for the year. This has only been possible thanks to the confidence our customers have placed in our people and our wind energy solutions,” commented Marios Zangas, Head of Vestas Greece.

Vestas designs, manufactures, installs and services wind turbines throughout the world. The company, whose total workforce exceeds 22,700 employees, has installed close to 86 GW of wind turbines in 76 countries. It applies industry-leading smart data capabilities to help to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions.