Steelhead Americas divests 250MW wind project to unnamed buyer
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Steelhead Americas divests 250MW wind project to unnamed buyer

27 Sep 2021 (Last Updated September 27th, 2021 15:35)

Steelhead Americas currently has more than 3GW of renewable energy capacity in the pipeline.

Danish wind turbine manufacturer Vestas has announced that its project development subsidiary, Steelhead Americas, has sold a 250MW wind project in the US to an unnamed customer.

The deal is intended to help Vestas expand its presence in the renewable energy development space and focus on new wind energy markets in the US.

Since acquiring the project in 2019, Steelhead Americas has been involved in all aspects of its development, including permitting, land acquisition, construction design and choosing the balance of plant (BoP) contractor, to prepare it for construction and installation.

The financial details of the deal have not been disclosed.

Vestas Americas Development vice-president Chris Rogers said: “As we look to continue to grow our development pipeline, we are excited to supply a construction-ready project with the V150-4.2 MW flagship turbine to one of the global leaders in the renewable energy market.”

The project will feature 59 V150-4.2MW turbines and one V110-2.0MW turbine in 2.2MW operating mode.

Vestas has agreed to supply, transport and commission the wind turbines.

The turbines will be delivered in the first quarter of next year, with commissioning scheduled for the end of next year.

Vestas has also signed a multi-year active output management 5000 (AOM 5000) service agreement to ensure the asset performs to the highest level possible.

Steelhead Americas has more than 3GW of renewable capacity in the pipeline and aims to encourage the growth of renewable energy assets in North America.

Last month, Vestas reported revenues of €3.53bn ($4.1bn) in the second quarter of the year, roughly equal to its revenues in the same period of last year.

The company’s earnings before interest and taxes (EBIT) before special items increased by €67m ($78.5m) in the quarter to €101m ($118m).

Vestas’ Service segment saw its revenues increase by 23% in the quarter compared to the second quarter of the previous year, while its EBIT margin grew by 28.6%.