Vestas Wind Systems — M&A Activity 2017

Nov 22, 2017

Aarhus, Denmark, 2017-11-22 13:51 CET (GLOBE NEWSWIRE) --

Following the success of Vestas and OOO Fortum Energy in Russia’s first wind
energy auction, the two companies have signed the first order of a binding
framework agreement. The framework agreement engages Vestas to supply its 4 MW
platform for wind energy projects in the world’s fourth largest electricity
market, while the order includes 14 V126-3.6 MW turbines for a 50 MW project at
an undisclosed site. The announcement references company announcement no. 25 of
21 June 2017.

With the agreement, Vestas and OOO Fortum Energy will together lead the
expansion of wind energy in Russia and work with local partners to establish a
strong local manufacturing and supply chain capacity. This includes setting up
a blade factory in the region of Ulyanovsk, as well as a nacelles assembly
plant in Nizhny Novgorod region, and a towers factory in the Rostov region.

To build up and establish high standards for the relatively young Russian
renewables sector, Vestas will provide its experience across the entire wind
energy value chain. Among other things, this includes assistance with project
siting for all wind power plants, Vestas’ market-leading products and service
solutions, the establishment of local manufacturing footprint, supply chain
localisation and optimisation, and turbine installation.

“As the global leader in wind energy, it is an expression of our commitment to
Russia that Vestas, together with Fortum Energy, takes a strong role in helping
the world’s fourth largest electricity market towards a more sustainable energy
mix. Vestas will deliver its most advanced technology through our 4 MW platform
as well as market-leading cost of energy and local manufacturing and
supply-chain expertise that will provide affordable, sustainable energy and
create long-term jobs across different Russian regions,” states Nils de Baar,
President of Vestas Central Europe.

The disclosure of future firm and unconditional orders related to the agreement
will take place in accordance with Vestas’ order announcement policy.

Contact details
Vestas Wind Systems A/S, Denmark
Hans Martin Smith, Senior Vice President, Patrik Setterberg
Group Treasury and Investor Relations Investor Relations
Tel: +45 9730 8209 Tel: +45 6122
1913

Anders Riis
External Communications
Tel: +45 4181 3922

About Vestas
Vestas is the energy industry’s global partner on wind power solutions. We
design, manufacture, install, and service wind turbines across the globe, and
with 87 GW of wind turbines in 76 countries, we have installed more wind power
than anyone else. Through our industry-leading smart data capabilities and
unparalleled more than 73 GW of wind turbines under service, we use data to
interpret, forecast, and exploit wind resources and deliver best-in-class wind
power solutions. Together with our customers, Vestas’ more than 22,700
employees are bringing the world sustainable energy solutions to power a bright
future.

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