Renewables, Wind

Vestas’ wind turbine order backlog soars above 32B Euros

Wind turbine manufacturer Vestas reported that its combined order backlog reached an all-time high in this year’s third quarter.

The Denmark-based company’s interim quarterly report reported 3.55 billion Euros ($37B U.S.) in revenue for the three months ending September 30, a 30 percent increase year over year. The intake of “firm and unconditional” wind turbine orders amounted to 4,738 MW in capacity for the period.

Overall, the value of the combined wind turbine order backlog hit nearly 33 billion Euros, more than 9 billion Euros higher than the third quarter of 2018. Those figures include 16.5 billion in order backlog and service agreements with expected contractual future revenue of 16.3 billion, according to the Vestas quarterly financial report.

“With an order intake of more than 13 GW already in 2019 and a very busy 2020 ahead, we continue our relentless focus on execution and profitability, which enable us to sustain our competitiveness and lead the way towards a sustainable planet,” Vestas Group President and CEO Henrik Andersen said in a statement.

During September alone, Vestas announced turbine orders or re-powering projects in the U.S., Greece, Mexico, Norway, Finland and Italy. Those deals alone totaled more than 1,000 MW in potential capacity.

A new report last month by the American Wind Energy Association estimated that U.S. turbine capacity surpassed 100 GW for the first time this year. The Global Wind Energy Council previously forecast that worldwide wind installations would break the 60 GW barrier for the year.

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