Vestas Sees Mexico as Key Expansion Market for Wind Investments

Vestas Wind Systems A/S, the world’s biggest wind-turbine maker, plans to bid on contracts to develop energy projects in Mexico as the nation seeks to generate 35 percent of its power from renewable sources by 2024.

Vestas sees Mexico as “a main target” after the country opened its energy and electricity industries to allow for private investment, Marco Graziano, president of Vestas Mediterranean, said in an interview in Mexico City Tuesday. Mexico will construct eight wind farms with an estimated investment of 52 billion pesos ($3.5 billion) by 2018 to increase the country’s wind capacity by 75 percent, according to state-owned utility Comision Federal de Electricidad.

“Mexico is definitely emerging as one of the large markets” for wind energy, Graziano said. “We are looking at different options to decide where to bid in Mexico. Wind is still having low penetration here so there is very good potential.”

Vestas’s Mediterranean unit operates seven wind projects in Mexico. Aarhus, Denmark-based Vestas posted a fifth straight quarterly profit last month and is looking forward to “aggressive results” this year, Graziano said.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE