Vestas RRB enters North American wind energy market

Written by Corporate Bureaus | Chennai, Nov 16 | Updated: Nov 17 2007, 07:05am hrs
Wind turbine manufacturer Vestas RRB India Ltd announced its expansion plans into the North American wind energy market on Friday. By the next fiscal, the company expects at least 15% of its revenue to come from exports.

Vestas has received an order to export two 600-KW turbines to Canada worth $2 million (about Rs 7.86 crore). The company is expected to clock Rs 1,000-crore turnover this year with a net profit between 4% and 6%. Vestas hopes Rs 1,400-crore revenue for the next fiscal.

Sarvesh Kumar, deputy managing director, Vestas, said, the company is exporting turbines with capacity to generate 300 MW at present and by mid next year it plans to increase it to 700 MW.

Jean-Pierre Hamel, consul and trade commissioner of Canada, said, "with the total wind power capacity of 1,451 MW by the end of 2006, Canada is emerging as one of the potential markets for wind power generation. New entrants in the market will give us an upperhand."

Vestas is in an advanced phase of commissioning its new wind-energy-generator blades and controllers facility in Chennai. Wealth management company Merrill Lynch recently invested about $55 million (about Rs 216 crore) in Vestas to set up manufacturing facilities in New Delhi and Chennai, Kumar said. The fund will also be used to develop the infrastructure of the company's wind farms, he added.