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Vestas enters joint venture with major project developer

Danish wind turbine manufacturer is spending millions on a collaboration with one of the world's largest developers to build wind farms in the US. We will not repeat the mistakes of the past, says the CFO.

Photo: Vestas
BY

Vestas is no longer content simply selling wind turbines to American projects. Going forward, the Danish wind turbine manufacturer will be involved in constructing the farms, prompting a collaboration with one of the world's largest project developers, the British RES group.

Through its subsidiary Steelhead Wind 1, Vestas and RES Americas entered equally into joint venture Roaring Fork Wind on December 22 last year. Vestas has also preliminarily invested EUR 65 million in the joint venture.  In addition, the wind turbine manufacturer has pledged to contribute approximately EUR 22 million as development investment dependent on future events.

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