Stable Senvion 2018 intake skewed by absent offshore orders

A 14% fall in order intake, when measured in Euros, in 2018 hides the fact that Senvion is diversifying and growing after securing 2GW of new orders.

Senvion's lack of offshore business disguises a growing onshore one
Senvion's lack of offshore business disguises a growing onshore one

The German manufacturer announced turbine order intake of €1.52bn for 2018, down from the €1.78 billion it received in 2017.

However, this down to a single one-off €306 million order in Q2 2017 for the 203MW Trianel Windpark Borkum II offshore wind project in the German North Sea.

Excluding offshore, Senvion’s onshore order income grew 3% year-on-year in terms of value, and by 30% by capacity.

This reflects the 20% fall in the average turbine price per megawatt witnessed by most major OEMs in 2018.

Two-thirds of Senvion’s order intake -- €1.024 billion – was won in new markets, the company added, indicating a further diversification away from its European core.

Senvion chief sales officer, David Hardy, said the intake in 2018, and particularly in Q4, meant the company had "built up a solid basis for the execution of the growing order book for 2019".

The firm’s new CEO, Yves Rannou, took up the role from the start of the year, meaning he has a solid basis to start from. Senvion’s full financial results will be released in March.

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