Turbine Giant Vestas Looking Offshore After Strong 2020 Results

Vestas, the worldwide leader in wind turbines, posted stronger yearly outcomes Wednesday and stated it was looking to broaden vital offshore operations with a huge brand-new design.

The Danish business reported a 10 percent increase in net profit to 771 million euros ($ 933 million) for 2020, although its supply chain had been impacted by the coronavirus pandemic.

Sales jumped 22 percent to a record 14.82 billion euros, a statement stated.

One disappointing number was for orders nevertheless, which declined by 8 percent to 12.7 billion euros in a sector where competitors is stiff and worldwide investment is growing.

Vestas has long been a leader in onshore turbines and should now overtake overseas rivals such as the German/Spanish group Siemens Gamesa or the United States international General Electric (GE).

” To lead the expansion of wind energy into ending up being the dominant energy source, it is important for Vestas to become a leader in offshore wind,” the declaration priced quote president and president Henrik Andersen as saying.

Danish turbine leader Vestas must now concentrate on offshore development to stay up to date with European and United States competitors. AFP/ SIMON MAINA

In October, Vestas invested 700 million euros to get full control of the sea-based system it launched in 2014 with the Japanese group Mitsubishi Heavy Industries.

This year, Andersen stated the Danish business’s focus “will be to completely incorporate offshore (operations) and address executional obstacles”.

Vestas unveiled a 15-megawatt overseas turbine style that it anticipates to begin installing in 2024.

For 2021, Vestas is targeting sales of 16-17 billion euros, which would represent a gain of 8 to 15 percent.

In midday trading on the Copenhagen stock market, Vestas shares showed a drop of 3.9 percent to 1,227.50 kroner, while the OMX Nordic 40 index on which it is noted was 0.2-percent lower overall.

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