China’s wind turbine manufacturers dominated global supply last year, riding the nation’s renewables installation boom as a contraction in the US and meager growth in Europe dented overseas competitors.
Vestas Wind Systems A/S (CPH:VWS) expects earnings to improve further this year after returning to profitability in 2023 as the Danish company turns the page on an industry-wide crisis that slowed the development of projects.
A new Baltic Sea wind farm that will power more than 1.5 million Polish homes is getting turbines made with greener steel that will cut their carbon footprint.
The crisis engulfing Europe’s wind industry is proving to be a wake-up call: things have to change radically to make progress on what’s a key part of the climate transition.
“Shifting business models toward greener activities is about more than being virtuous for the sake of the planet,” says BNEF’s Michael Daly. “There’s a huge financial opportunity for companies that help drive the energy transition.”
Henrik Andersen says the first six months of 2023 “also highlighted” that permitting and regulatory uncertainty remain a key barrier to accelerating the energy transition.
The government made the Round 5 awards in October 2021. Red Rocket reached financial close on the plans in November 2022. Absa and Standard Bank were mandated lead arrangers for the project financing.
Global Port Services has confirmed the award of multiple contracts in support of the Seagreen wind farm, securing over 100 jobs and marking its first major awards since the opening of a new quayside space.
Half of the turbines are now in place at what will soon become Scotland’s largest offshore wind farm, as the construction of Seagreen continues off the Angus coast.
Panellists at a floating wind event in Aberdeen said the sector was ready for commercial deployment but must now work to get projects in the water lest the UK lose its valuable head start.