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Vestas Wind : Moray East Signs Firm Order with MHI Vestas Offshore Wind

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12/07/2018 | 05:36am EDT

(GlobeNewswire) - News release fromVestas Wind Systems A/SAarhus, 06 December 2018

Confirming the largest MW project to date in the companys history, MHI Vestas will supply 100 V164-9.5 MW turbines for the 950 MW project to be installed in Scotlands Moray Firth. The project references Vestas Wind Systems A/S company announcement No. 30/2018.

MHI Vestas Offshore Wind celebrated financial close today with Moray East for the 950 MW Moray East Offshore Wind Farm as the offshore wind turbine manufacturer signed a firm turbine supply order. The order includes a 15-year service agreement.

Moray Offshore Windfarm (East) Limited, known as Moray East, is a 950 MW offshore wind project 22km from the coast of Scotland, which in 2017 won a Contract for Difference (CfD) from the UK Government to supply electricity at 57.50/MWhr, representing a significant cost reduction compared with similar projects under construction today (typically 140/MWhr).

Project Director for Moray East, Oscar Diaz, said, Moray East is a landmark project for the offshore wind industry, delivering sustainable, renewable generation at a highly competitive power price. The project will bring new opportunities to areas including Fraserburgh, where we have announced the windfarms operations and maintenance base will be located, and in the Cromarty Firth, where the port was last week selected as the pre-assembly port.

We look forward to working with MHI Vestas, particularly in Fraserburgh and in Invergordon, where we have ongoing plans for local supply chain engagement.

MHI Vestas Offshore Wind CEO, Philippe Kavafyan, said, We are pleased that Moray East has reached financial close. With the signing of the firm order, we can accelerate preparations for our companys largest MW project to date. Installing the worlds most powerful commercial turbine, the V164-9.5 MW, in Moray Firth means more local, clean energy jobs in Scotland and across the UK, including our most recent expansion of blade production on the Isle of Wight.

In May, Moray East announced Fraserburgh as the preferred Operations and Maintenance port for the project and only last week, the Port of Cromarty Firth was selected as the pre-assembly harbour, sending a strong signal that the project is progressing on schedule.

The news from MHI Vestas Offshore Wind comes on the heels of its recent announcement that the companys blade factory on the Isle of Wight received a second blade mould and is in the process of hiring 380 new, direct jobs to keep pace with growing demand.

For more information, please contact:Michael MorrisMHI Vestas Offshore WindMail: mijmo@mhivestasoffshore.com Tel: +45 8844 8950

Anders RiisDirector, VestasMail: ANPRR@vestas.comANPRRTel: +45 4181 3922

About MHI Vestas Offshore WindMHI Vestas Offshore Wind is a joint venture between Vestas Wind Systems A/S 50% and Mitsubishi Heavy Industries (MHI) 50%. The companys focus is to design, manufacture, install and service wind turbines for the offshore wind industry. The company aims to create sustainable value through offshore wind power by driving capital and operating savings and increasing the power output of wind turbines. An innovative force in offshore wind since its inception in 2014, the company is guided by its founding principles of collaboration, trust, technology and commitment. For more information, see www.mhivestasoffshore.com or follow @MHIVestas on Twitter.

About Moray East Offshore Windfarm LimitedMoray Offshore Windfarm East is a joint venture company owned by EDP Renewables (43.3 pc) and ENGIE (23.3pc) and Diamond Green Limited (DGL) (33.4pc). In 2017, the project was awarded a 57.50/MWhr contract for Difference (CfD) by the UK Government.

Project Timeline

2010 project development commenced when development rights were won in the UKs 3rd round of offshore wind licencing. The Moray Firth Zone (Zone 1) was split into two, to enable Moray East to be developed ahead of Moray West, as there were constraints in the west of the zone. (Constraints in the west eased, and development of Moray West commenced in 2016).

2014 planning consent was awarded by the Scottish Government (offshore works) and Aberdeenshire Council (onshore works)

2017 A 950 MW Contract for Difference (CfD) was won in the UK Governments 2nd competitive CfD auction. The CfD provides a contract for electricity for 15 years at 57.50/MWhr.

Project Statistics

Capacity: 950 MW

Location: UK, 22km from North East coast

Turbines: V1649.5 MW

Power for average requirements of ca. 950, 000 UK homes

About VestasVestas is the energy industrys global partner on sustainable energy solutions. We design, manufacture, install, and service wind turbines across the globe, and with 97 GW of wind turbines in 79 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 83 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas more than 24,400 employees are bringing the world sustainable energy solutions to power a bright future. For updated Vestas photographs and videos, please visit our media images page on:https://www.vestas.com/en/media/images.We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:








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Stocks mentioned in the article
ChangeLast1st jan.
ENERGIAS DE PORTUGAL 1.78% 3.325 Delayed Quote.7.02%
VESTAS WIND SYSTEMS 1.24% 555.8 Delayed Quote.11.56%
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Financials (€)
Sales 2019 11 597 M
EBIT 2019 1 045 M
Net income 2019 771 M
Finance 2019 2 759 M
Yield 2019 1,60%
P/E ratio 2019 18,89
P/E ratio 2020 15,90
EV / Sales 2019 1,02x
EV / Sales 2020 0,95x
Capitalization 14 623 M
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