Vestas

Targets ✅ Declarations ✅ Climate goals ✅ Wind farms ❌ Turning our ambitions into actual wind farms means rethinking offshore wind auctions. Current mechanisms add too much financial risk upfront, instead of focusing on promoting project realisation and value creation. 2024, particularly, is a pivotal year - with an unprecedented volume of offshore wind up for auction. If ever there was a time for action, it’s now. Later is too late. www.vestas.com/action

🇦🇺 We've successfully developed the Lotus Creek Wind Farm in Central Queensland - our first development project in Australia to reach financial close and construction readiness. And we've secured a 285 MW order with CS Energy to deliver wind turbines, including a long-term service contract. The project underlines our efforts to expand renewable energy development. Vestas Development has worked closely with numerous landowners, Traditional Owner groups and the local community while securing all critical planning and environmental approvals, grid connection, and delivering the overall wind farm design. By developing new renewable energy projects, Vestas continues to advance the energy transition while bringing value and benefits to local communities. The project is now owned by CS Energy, who have placed an order for: ▪️The supply and installation of 46 V162-6.2 MW wind turbines (EnVentus platform) ▪️A long-term Active Output Management 5000 (AOM 5000) service agreement. This ensures optimal energy production to the Australian grid and advances the energy transition. Read more: https://lnkd.in/dc-H-_QG

Out now: our full financial report for the second quarter of 2024. See key highlights in the image below. Our underlying earnings have improved significantly within our Power Solutions business area in comparison to last year. Despite our Power Solutions being profitable in Q2, our EBIT margin for the quarter was negative, due to an adjustment to planned costs in Service. Our order intake had an average selling price of EUR 1.21m/MW and grew more than 50 percent year-on-year, which together with an adjusted free cash flow of more than EUR 0.5bn highlights our positive trajectory. Based on results from this quarter, we have narrowed our 2024 guidance on revenue and EBIT margin, as announced earlier this week.  Our CEO Henrik Andersen says: “The second quarter of 2024 has seen Vestas continue to improve our underlying business performance in line with our expectations. Following the narrowing of our financial guidance due to an adjustment of planned costs in Service, we will move forward by continuing to build on the positive momentum of our underlying performance and execute on our strategy. A huge thanks to our customers, shareholders and employees around the world for their support as we work to maintain an overall positive trajectory, and drive the energy transition forward.”  Read more:  https://lnkd.in/dsNU8GM9   To join our investor audiocast: https://lnkd.in/d9btmm-U  

First kWh produced by the first customer-owned V162-7.2 MW ⚡ We are thrilled to announce that the first customer-owned EnVentus V162-7.2 MW wind turbine is now successfully in operation! The EnVentus V162-7.2 MW is our first model with a side compartment, offering flexibility in transportation and aiming to take advantage of industrial standards with its modular nacelle design. This nacelle design is shared with the V172-7.2 MW, helping us mature the roll-out of this model as well. We thank Bürgerwindpark Janneby eG in Schleswig-Holstein, Germany, for their trust and collaboration that enable us to further perform rigorous test & validation of the new turbine to ensure optimised performance.

Vestas is narrowing our financial outlook for 2024 ahead of our full quarterly report. The update is due to adjustments to planned costs in our Service business. Read more in our company announcement. Full details of our quarterly results will be announced in our official quarterly report this Wednesday: https://lnkd.in/dfSvjEVq

A successful energy transition hinges on industries working together. That’s why, we are proud to have christened A.P. Moller - Maersk's new methanol-enabled vessel – one of the world’s first!   “Deploying wind energy is essential to achieving net zero. But without driving decarbonisation in the hard-to-abate sectors, we cannot have a successful energy transition. Frontrunners who dare to test new technology will be key for our planet’s future, and we’re proud to support Maersk’s journey,” commented Henrik Andersen, our CEO.   Christened ‘Antonia Maersk’, the vessel is currently docked at the Aarhus Port and open for visits this weekend.

Delivering the energy transition in time requires us to think smarter – not just bigger. We need to pause the increase in offshore turbine size to focus on delivering the build-out of wind energy and stabilize the entire wind industry. Damien Lhors, Global Senior Vice President for Supply Chain at Vestas and Arnoud Kuis, Managing Director for offshore energy at Van Oord make the case for a sustainable scale up for offshore wind in this opinion piece in Recharge News.

We welcome today’s announcement on an increased budget for the UK’s Allocation Round 6 (AR6), and look forward to seeing how this develops with the outcome of the auction.   It's critical to maintain a strong momentum for wind energy in the UK, and that the outcome of AR6 can unlock the offshore projects ready to go. Each gigawatt of new offshore wind adds £2-3 billion of value to the UK economy, along with continuing to support more than 30,000 jobs (according to the recent Offshore Wind Industrial Growth Plan). If combined with a positive auction result, today’s decision holds the potential to accelerate the UK’s economic growth, boost employment opportunities, and support a more stable and resilient energy system.

Making headway in offshore wind with a new firm order for our flagship offshore wind turbine.   We’ve secured a 795 MW order for the OranjeWind offshore wind farm (formerly Hollandse Kust West VII), off the Dutch coast in the North Sea.   Key order highlights include: ☑ Supply, delivery and commissioning of 53 of our V236-15.0 MW wind turbines ☑ A 5-year service agreement, followed by a long-term operational support agreement   We’re proud to be powering a wind farm that takes a significant step forward towards delivering on Europe's ambitious offshore wind targets, together with our project partners. Learn more: https://brnw.ch/21wLyxL

Installed: EnVentus V172-7.2MW™, our largest onshore wind turbine! And we're set for the turbine’s first kWh by the end of July. Erected at the Østerild test centre in Denmark, this milestone is thanks to our dedicated team's efforts. The prototype will now undergo extensive testing to ensure reliability before serial production begins. Designed with a modular concept, the V172-7.2MW™ is a key enabler for scalability across the industry. In addition, it enhances performance in low to medium wind conditions, increasing AEP by 12%, compared to the V162-6.2 MW variant. The EnVentus platform, with its four variants and flexible power ratings, has secured 15 GW+ of orders across 25 markets on five continents since its 2019 launch. Learn more: https://lnkd.in/dNcUtPkg