Vestas Wins Order for GDF Suez Wind Project in South Africa
Stock Chart for Vestas Wind Systems A/S (VWS)
Aurora Wind Power, a venture led by GDF Suez SA, ordered 47 V90 2-megawatt turbines for its West Coast One project, Vestas said today in a statement, without disclosing terms. The contract includes a 15-year service agreement.
South Africa plans to add 3,725 megawatts in renewable energy capacity by the end of 2016 through a program of five tenders to help curb its reliance on coal for electricity. The country is targeting an additional 3,200 megawatts by the end of the decade, with more than a third of that wind power.
Vestas will deliver its machines in the third quarter of 2014 and the wind farm is due to start by May 2015, according to the Aarhus-based company. The project, in which GDF Suez (GSZ) owns 43 percent and Investec Ltd. and Kagiso Investment the rest, will be funded by equity and debt from local banks.
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