Vestas on target for 7GW order goal

DENMARK: Vestas looks set to hit its target of 7-8GW in orders for 2011 following a late flurry of contract announcements at the end of the year.

A Vestas V112 turbine
A Vestas V112 turbine
During the last two working days of 2011 the turbine manufacturer announced seven new orders totalling 564MW spanning Europe, Brazil and its first from Pakistan.

Analysts are now recommending that investors buy Vestas shares as they are expected to exceed market expectations when they announce their 2011 annual results next month.

Equity research firm Bryan, Garnier & Co issued a briefing pointing out that Vestas' 2011 order intake now stands at 6.25GW, just 750MW short of its target. "While this still remains below the 7-8GW target for 2011, we must point out that Vestas is used to regrouping the smallest orders and disclosing them with the final results of the period," said the analysts' note.

Of the seven deals announced on 29-30 December, by far the largest was for 127 units of Vestas V100-2.0MW to be deployed across two projects in Rio Grande do Norte, Brazil, totalling 254MW. The order by CPFL Renováveis includes delivery, installation and commissioning of the wind turbines, plus a 10-year service contract. Delivery of the turbines is expected to start in the first half of 2013, with commercial operation due to begin in the first half of 2014.

The other six deals announced last week were:

· 23 V112-3.0MW turbines for the Jädraås plant in Sweden

· Eight V112-3.0MW turbines for the Greneville plant in Orleans, France

· 28 V90-1.8MW turbines for a project in Nooriabad in the Jimphir region of Pakistan

· 18 V90-3.0MW turbines for an undisclosed UK project

· Orders from EDF Energies Nouvelles for 19 V90-2.0 MW turbines for the Gargano wind farm in Apulia, Italy, and 12 V90-2.0MW turbines for the Eckolstädt plant in Thüringen, Germany

· 17 V112-3.0MW turbines for an undisclosed project in Poland

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