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BP order buoys Vestas shares
1 May 2007
Vestas saw a bump in share prices midway through last month upon news it had received an order for 50 units of its 3 MW wind turbines from BP Alternative Energy North America, slated for delivery in the fall of 2007. Within the past year, BP has made two major moves into the US market: it bought two wind project developers, Greenlight and Orion, which together have a 12,500 MW project pipeline; and it agreed a large framework agreement for 1706 wind turbines (4265 MW) with Clipper Windpower of the US for delivery over the following five years. In January, BP's Bob Lukefahr said: "We've done extensive due diligence on the Clipper machine," but added that "BP deals with a lot of new technology around the world and we're deploying a lot of machines other than Clipper." BP's Sarah Howell said last month the Vestas order "is a statement we have a lot of projects and we need to pursue our turbines from many companies. We will service many of the projects globally. We're sourcing from many companies." On the Vestas machines in particular, Howell said, "It's a good endorsement of the quality of the turbines they are supplying."
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