ICEC

Vestas close to finalizing mega turbine deal with Egypt

Danish wind-turbine maker Vestas is close to securing a €2 billion ($2.3 billion) landmark agreement with the Egyptian government that could see it supplying 2.2GW of wind turbines to the North African country.

Danish Energy Minister Lars Lilleholt announced Monday that he would visit Egypt on Aug. 22 and 23 to lobby for the deal.

“Vestas is continuing discussions with the authorities and we expect …to sign the cooperation agreement, some time shortly after the trip, maybe during,” Vestas’ Chief Press Officer, Michael Zarin told Reuters.

He underlined that the agreement could amount to up to 2.2 gigawatts through multiple orders, rather than a single order.

Vestas erected its first turbine in Egypt in 1995 and currently provides turbines for 10 percent of Egypt’s wind power.

Its second-quarter results showed 46 percent revenue growth and an increase in operating profit before special items of 175 percent. It said orders in the second quarter totalled 1,790 MW.

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