Vestas hones in on Scotland for new wind turbine factory
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Vestas Wind Systems A/S (CPH: VWS) is considering Scotland as a potential location for a new wind turbine manufacturing plant. This move comes after the UK government increased its backing for the offshore wind industry, prompting Vestas to rekindle its interest in expanding its operations in the country.
According to Vestas' CEO, Henrik Andersen, the company is in discussions with officials about a location with easy access to the sea and a large harbor, which could potentially be located in Scotland.
Previously, the wind-power company from Denmark had declared that they would reassess their plans to grow in the United Kingdom following an auction for wind turbines at sea that didn't receive any offers.
UK Ramps Up Offshore Wind Costs
The remarks come after the UK government increased the price of support for new offshore wind farms, in an effort to stimulate investment in a sector that is vital to achieving its climate targets, and has been struggling due to the ongoing crisis.
The most recent auction round has established a fresh guaranteed upper limit rate of £73 ($91), which is notably higher than the prior rate of £44.
Vestas currently runs a manufacturing plant located in the UK's Isle of Wight that is responsible for the production of turbine blades.
According to Andersen, we assign and reassign resources and some production may be more suitable and nearer to a larger port, which Scotland can offer.
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He mentioned that the Isle of Wight was a center of technology for the organization. Yet, before, he had mentioned difficulties with that area, particularly the absence of a direct route to the water.
Vestas relies on project orders to keep their business afloat. However, the renewable energy sector has struggled due to expensive components and financing, making it difficult for developers to obtain the necessary funding for profitable projects.
Vestas is gradually becoming profitable again since businesses are now ready to offer higher compensation for wind turbines.
The company is able to increase its production due to an increased number of new orders.
According to Andersen, the North Sea is the most desirable location for offshore wind globally, and he urges the UK government to increase the upcoming auction to eight to ten gigawatts, including the capacity that was available in the previous round.
"However, achieving the government's target of 50 gigawatts for the industry by 2030 will require significant effort," he stated.
