New Hampshire, U.S.A. -- Vestas, an iconic name in the wind industry and beyond, is a possible target of takeover bids from two of its chief Chinese rivals, according to a report published by Danish newspaper Jyllands-Posten.
The news that Sinovel and Goldwind were each working toward taking over the struggling wind giant sent Vestas shares up as high as 15 percent on Monday.
It’s been a tough year for all three turbine makers, but it’s been especially difficult for the Danish company. In January, Vestas announced it was closing one manufacturing facility and eliminating more than 2,300 jobs worldwide. It also indicated that it would eliminate 1,600 American jobs if the Production Tax Credit were not extended beyond this year’s deadline. That extension has yet to happen.
There’s varying opinions about whether the process has the legs to proceed, and if Vestas’ current investors would be willing to vote it through.
Vestas CEO Ditlev Engel refused to comment Monday in Copenhagen when asked about the possible takeover during the European Wind Energy Association's annual conference.
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It’s been a tough year for all three turbine makers, but it’s been especially difficult for the Danish company. In January, Vestas announced it was closing one manufacturing facility and eliminating more than 2,300 jobs worldwide. It also indicated that it would eliminate 1,600 American jobs if the Production Tax Credit were not extended beyond this year’s deadline. That extension has yet to happen.
There’s varying opinions about whether the process has the legs to proceed, and if Vestas’ current investors would be willing to vote it through.
Vestas CEO Ditlev Engel refused to comment Monday in Copenhagen when asked about the possible takeover during the European Wind Energy Association's annual conference.
IN THE NEWS
Possible Deal for Canadian Solar? Canadian Solar has denied reports in the China Business Journal that the China National Offshore Oil Co was in negotiations to buy the solar panel maker.
Japan PV Plant Construction Set for July: Kyocera was among the companies to announce plans for a 70 MW PV Plant, which would be the nation’s largest solar facility. The project in Kagoshima Prefecture is scheduled to begin this July, after the national Feed-in Tariff is set.
Tibet’s Growing PV Base: A PV power generation base is being built in Xigaze, the second-largest city in southwest China's Tibet, to ease winter power shortages by harnessing the area's ample sunshine. Xigaze residents are expecting to bid farewell to blackouts this year, thanks to a newly-operational 30-megawatt plant just outside the city.
FOCUS ON INDIA
Areva Plans Asia’s Largest CSP Plant: India's enormous solar potential has until now been seen mostly through the lens of a PV module. But this week, Areva Solar announced that it plans to build a 250-megawatt concentrated solar power (CSP) facility in the country's Rajasthan region.
Solar Questions in India: India faces yet another game-changer: Feed-in-tariffs and the ambitious government-sponsored 20-GW National Solar Mission have lost value in India.
India’s Towering Solar Market: According to Bridge to India, an estimated 2GW of solar power could be installed in conjunction with telecom towers in India by 2016.
India, U.S. Energy Fund: India and the United States are forming a strategic research-based partnership that will focus on clean energy, such as solar power and advanced lignocellulosic biofuel systems.
A DEEPER LOOK
Indonesia Stands Out in Clean Energy Race: Fueled by its geothermal resources, Indonesia beat G-20 nations the United States, India, and Japan in the rate of growth in clean energy investment last year, according to a new report from Pew Charitable Trusts.
Some Farmers Feel Burned by Biofuel: Jatropha’s so-far unfulfilled promises have greatly impacted tens of thousands of farmers in Indonesia who heeded calls to begin producing the plant as a source of biofuel.
Lessons from Korea: A look at how Korea is working to implement the foundation for a structural shift away from fossil fuels.
Thailand Joins Solar Fast Lane: Economic renewable energy development typically requires that countries exploit their natural renewable resources with subsidies reducing in line with technology costs and market maturity. Thailand has adopted such an approach to renewable development and while its biomass has the greatest renewable generation potential, the rapid growth of solar development could conceivably see solar challenge wind power as the kingdom's second most important renewable resource by the next decade.
BY THE NUMBERS
India’s Total Installed Capacity Passes 200,000 MW:
All Thermal: 132,013 MW
Hydro: 38,991 MW
Non-Hydro Renewables: 24,503 MW
Nuclear: 4,780 MW
http://www.renewableenergyworld.com/rea/news/article/2012/04/asia-report-are-chinas-sinovel-goldwind-seeking-vestas-takeover
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