“Vestas can confirm that it has agreed to extend the forbearance agreement from Nov. 30 to Feb. 28 subject to the fulfillment of certain conditions,” the Aarhus, Denmark-based company said today in a statement. Under the deal, Vestas will waive its rights to claim damages for the delay, a spokesman who asked not to be identified by name in line with company policy, said today by phone.
Opposition groups barring access to the site have caused “significant” construction delays and affected the value of the project, a Macquarie Group Ltd. fund that owns 32.5 percent of the venture behind the project, said yesterday in a filing with the Mexican stock exchange.
Vestas agreed to supply the wind turbines in March 2012 for the project that’s located in the southern La Ventosa region of Oaxaca state. Locals have been mounting protests since at least May last year, according to Yayoi Sekine, a Sao Paulo-based analyst at Bloomberg New Energy Finance.
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