Denmark's Vestas Wind Systems, the world's leading wind turbine manufacturer, has charted a long-term ambition to grow by at least 20% annually until 2020. With current prices on wind turbines, it corresponds to a tenfold increase in revenues to almost DKK 400 bn (USD 76 bn), and industry experts and share analysts see this ambition as both realistic and achievable.
Per Krogsgaard director of BTM Consult, a consultancy company specialising in services regarding renewable energy, says: "20 per cent annual growth until 2020 is absolutely within reach for Vestas. It is logical that the company will grow that much in the light of the strong and sensible development in both the company and the global market."
Vestas has just presented its Q3 report, which shows the company generated revenues of USD 1.7 bn (2006: USD 1.2 bn), achieving an EBIT of USD 148 m (2006: USD 58 m), lifting the EBIT margin from 4.8% to 8.9% over the past 12 months. For 2008, Vestas forecasts a revenue growth of 25% to approx. USD 8.3 bn.
Ditlev Engel, CEO of Vestas, anticipates that wind power's current 1% share of the world's electricity consumption will increase to at least 10% by 2020. Vestas has a current global market share of approx. 28%, and aims to increase it to 30-32%.
Vestas Wind Systems is headquartered in Randers, Jutland, and employs over 13,500 people worldwide. The company has installed more than 33,500 wind turbines in 63 countries across five continents, and is now installing a new turbine every 5 hours. Vestas has production facilities in Denmark, Germany, China, India, Italy, UK, Spain, Sweden, Norway and Australia and is constructing a turbine blade factory in Colorado, USA. In 2006, Vestas Wind Systems generated revenues of DKK 28.7 bn (USD 5.1 bn).
The news was reported by financial daily newspaper Børsen and in a press release on Vestas' website.