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Vestas and Fortum settle arbitration over Russian wind energy projects

Global, News

Danish wind turbine manufacturer Vestas and Nordic energy company Fortum have settled their arbitration dispute regarding wind energy projects in Russia. Both parties agreed to drop all past, present, and future claims, with the settlement terms remaining confidential. The dispute began in 2022 when Fortum initiated arbitration at the International Chamber of Commerce in Stockholm. Fortum sought more than $218 million (€200 million) in compensation from Vestas for payments made on wind projects in Russia…

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Vestas secures 134 MW wind turbine order from Invenergy in Japan

Global, News

Danish wind turbine manufacturer Vestas has won a 134 MW order from Invenergy for Japan’s Inaniwa Wind Energy Center in Iwate prefecture. This marks Vestas’ largest order in Japan to date. The company will supply and install 32 of its V117-4.2 MW turbines, along with a 20-year Active Output Management 5000 (AOM 5000) service agreement. Deliveries are set to begin in the first half of 2027, with project commissioning expected in the first quarter of…

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Vestas secures 810 MW turbine order for Empire Wind 1

Global, News

Danish wind turbine manufacturer Vestas has secured an 810MW order for the Empire Wind 1 project, marking its entry into the US offshore wind market. The company will supply and commission 54 V236-15.0MW turbines as part of the deal with Equinor. The agreement, finalized in March 2024, includes a five-year service contract to ensure optimal performance. The V236-15.0MW turbine, certified in 2023, has become a key part of Vestas’ global portfolio, with over 13GW in…

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Vestas wind turbine order backlog reaches 27 GW, valued at €28.1bn, in Q2 2024

Global, News

Vestas reported an increase in its wind turbine order backlog, reaching 27 GW and valued at €28.1 billion by the end of Q2 2024, up from approximately 20GW and €20 billion in Q2 2023. This growth reflects strong offshore order intake in Poland and Germany, along with robust onshore orders in the USA. The average selling price per MW rose from €1.04 million in Q2 2023 to €1.21 million in Q2 2024. Despite a 3.9%…

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European clean energy stocks fall amid Trump’s victory and policy concerns

Global, News

European clean energy stocks declined sharply following Donald Trump’s US presidential election victory, triggering investor concerns over potential setbacks in US renewable energy support and climate policy.  Trump has signaled intentions to halt offshore wind projects and undo several climate regulations established by Joe Biden, including the Paris Agreement and the Inflation Reduction Act’s clean energy incentives. Following the election, shares of offshore wind developer Ørsted fell by up to 14%, while wind turbine makers…

Key Power Sector News Roundup for September 25, 2024

Power Bytes

CEA releases report on Right-of-Way width for transmission lines The Central Electricity Authority (CEA) has released a report on Right-of-Way (RoW) width calculations for transmission lines using monopole towers and HTLS conductors. The report compares configurations and highlights challenges like higher costs and limited manufacturing for monopole structures. It supplements the July 2020 guidelines and was compiled by a 13-member committee. CTUIL approves Rs 4 billion transmission projects to boost infrastructure CTUIL has approved seven…

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EnBW completes foundation installations at 960MW He Dreiht offshore wind farm

Global, News

EnBW has announced the completion of foundation installations for the 960MW He Dreiht offshore wind farm in the German North Sea. The installations were carried out over three months using the Thialf, one of the world’s largest floating cranes, operated by Heerema. During this period, the Thialf drove the monopiles into the seabed, setting the stage for the next construction phase. Each of the 64 steel foundations measures 70 meters in length, has a 9.2-meter…

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CS Energy acquires $1.3 billion Lotus Creek Wind Farm, Queensland’s first publicly owned wind project

Global, News

CS Energy has announced the acquisition of the $1.3 billion (A$1.96 billion), 285 MW Lotus Creek Wind Farm near St Lawrence in Queensland, Australia, from Copenhagen Infrastructure Partners (CIP). This marks a significant milestone in Queensland’s renewable energy sector as the first 100% publicly owned wind farm to enter the construction phase under the Queensland Energy and Jobs Plan. The project has received substantial financial backing, including $624.3 million from the Queensland Government’s Renewable Energy…

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SSE begins construction of Aberarder wind farm in Scottish Highlands

Global, News

SSE has commenced earthworks for the Aberarder wind farm, a major renewable energy project in the Scottish Highlands. Located in Strathnairn near Inverness, the 50 MW wind farm will power 60,000 homes annually and displace 30,000 tonnes of CO₂ equivalent in its first year of operation. The project involves a £100 million investment by SSE and will feature 12 turbines supplied and installed by Vestas. The final investment decision was made in May 2024, with…

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Nala Renewables acquires 99.2 MW onshore wind project in Romania

Global, News

Nala Renewables, a global power and renewable energy investment platform, has announced the acquisition of a 99.2 MW onshore wind project from OX2. This project, located in eastern Romania, is expected to begin construction in the third quarter of 2024. This acquisition marks Nala’s third transaction in Central and Eastern Europe (CEE) during 2024, reinforcing its focus on the region, where it has a portfolio exceeding 1.5 GW of renewable energy projects. The project will…