Vestas Surpasses 1 GW Order Intake in China in 2020 With two new Orders

Vestas has received two new orders in China, which has taken the manufacturers’ order intake in the country well over the 1 GW mark for the year 2020.

Global wind major Vestas has announced that it has received two new orders for the supply of wind turbines for wind energy projects in China which have taken the manufacturers’ order intake in the country well over the 1 GW mark for the year 2020.

The first order is for the supply of turbines worth 101 MW for a project that includes the supply of 42 V120-2.2 MW wind turbines delivered in 2.4 MW Power Optimised Mode, as well as a 20-year Active Output Management 4000 (AOM 4000) service agreement.

Deliveries are expected to begin in the fourth quarter of 2020, with commissioning planned for the same quarter.

With this order, the firm reached an order intake in China in 2020 of more than 1 GW.

The second order Vestas has received is for the supply of 150 MW of wind turbines for a project in China. It includes the supply of 53 V120-2.2 MW in 2.4 MW Power Optimised Mode and seven V155-3.3 MW turbines as well as a 5-year Active Output Management 4000 (AOM 4000) service agreement. With deliveries expected to begin in the third quarter of 2020, with commissioning planned for the same quarter.

This order took the order intake in the country to over 1150 MW for the year.

Recently, the firm issued its interim financial report for the second quarter (Q2) of the financial year 2020. It has shown a strong performance in spite of a challenging environment, reporting that it generated revenue of EUR 3,541 million – an increase of 67 percent compared to the year-earlier period. The firm has also reintroduced its full-year guidance with an unchanged outlook for revenue of EUR 14-15 billion, and an updated EBIT margin before special items of 5-7 percent.

It also revealed that the quarterly intake of firm and unconditional wind turbine orders amounted to 4,148 MW. The value of the wind turbine order backlog was EUR 16.2 billion as of June 30, 2020. In addition to the wind turbine order backlog, at the end of June 2020, the firm had service agreements with expected contractual future revenue of EUR 18.9 billion. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 35.1 billion – an increase of EUR 3.6 billion compared to the year-earlier period.