Vestas Wind Systems Projects Doubling of Revenues by 2015

Vestas Wind Systems, a Danish-based manufacturer of wind turbines with a large presence in Colorado, recently announced that it expects to double its earned revenues by 2015. Ditlev Engel, Vestas' chief executive, noted that despite the current economic downturn the firm was poised for substantial growth in the next six years.

One example of the confidence Vestas sees in the future of wind energy is its investment of $1 billion in a Colorado manufacturing facility, Mr. Engel said according to the Financial Times ("Vestas Looks to Double Revenues," Oct. 27, 2009).

Particularly strong growth markets in the near future will be in the European Union, he said. In addition, Vestas expects strong demand growth in China, India, and Japan. In the longer term, Vestas expects major growth in the U.S. market.

Meanwhile, on Oct. 28 Vestas announced an order from a Mexican company for 51 2.0 megawatt (MW) wind turbines for the Oaxaca I project to be located in the city of Santo Domingo de Ingenio. The order includes supply, installation, and commissioning of the 51 wind turbines as well as a 10-year service contract. When completed Oaxaca I will be Vestas' largest wind farm in Central and Latin America. Mexico has a wind capacity of more than 5 gigawatts, but a cumulative installed capacity of only 332 MW. Mexico's goal is to achieve 1,500 MW of installed capacity by 2012.