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29 Oct '12, 3pm

Denmark Won't Help Vestas if Wind Turbine Maker Needs Rescue #windpower

Denmark Won't Help Vestas if Wind Turbine Maker Needs Rescue #windpower

Aarhus, Denmark-based Vestas, which has been hurt by higher-than-budgeted costs to develop its V112 turbine and cuts in green energy subsidies, said in July it agreed with its banks to defer a so-called test of financial covenants, delaying loan payments after losses eroded its cash flow. The government is now saying it won’t step in to bridge any periods of financial distress at the company to prevent it going bankrupt. “We cannot and will not support a single company,” said Martin Lidegaard, Denmark’s Energy Minister, in an e-mailed reply to questions. “It is against the government’s general state aid policy.” Vestas in 2012 announced two rounds of job cuts that hit more than 3,700 employees, or a sixth of its workforce, to reduce fixed costs by more than 250 million euros ($323 million). The company is struggling to stay competitive as it faces declining demand in Europ...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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