Wind turbine maker Vestas Wind Systems A/S (VWDRY.PK) said it expects U.S. demand for wind turbines to peak in 2020 as government incentives are phased out.
At the company's capital markets day, Vestas' North American chief Chris Brown said that strong interest from utilities looking to replace retiring coal assets and big companies looking to buy renewable power will ensure demand growth in the U.S.
He pointed to 22 GW of unmet demand by 2030 from RE100 companies, an alliance of companies including Goldman Sachs, Walmart and Starbucks that aims to obtain 100% of electricity from renewable sources to combat climate change.
Separately, in a statement, Vestas said it has received an order for 100 V120-2.2 MW turbines for a project in the U.S., which takes Vestas' order intake in 2018 across the 10 GW mark before entering December.
The new U.S. order includes supply and commissioning of the turbines with deliveries expected to begin in the third quarter of 2019 and commissioning scheduled for the fourth quarter.
In 2018, Vestas has received orders across six continents, including orders in new markets Panama, Kazakhstan, Bolivia, and Senegal, which underline the strong global demand for wind energy and Vestas' unparalleled global reach.
The project and customer are undisclosed per the customer's request.
Vestas shares are currently trading at 493.20 Danish kroner, up 1.63 percent.
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