13 Jan '12, 4pm

Why Warren Buffett is Buying Wind and Vestas is Laying People Off: Denmark-based Vestas, the world’s leadin...

Why Warren Buffett is Buying Wind and Vestas is Laying People Off: Denmark-based Vestas, the world’s leadin...

Denmark-based Vestas, the world’s leading wind turbine manufacturer, will cut 2,335 jobs worldwide as part of a corporate streamlining and is readying an additional 1,600 U.S. wind hardware manufacturing jobs in expectation of Congress failing to extend the wind industry’s vital production tax credit (PTC) beyond its December 31, 2012 expiration. The layoff announcement came at the end of an early 2012 flurry of financings and purchases of wind projects led by famed investor Warren Buffett’s MidAmerican Energy Holding Company’s investment in the development of 407.1 megawatts of new capacity in Iowa . These may seem like contradictory moves, but they are not. Vestas’ reorganization and global layoffs are primarily attributable to the European economic crisis. “The economic crisis delays and complicates the necessary transformation towards a more sustainable supply of energ...

Full article: http://www.greentechmedia.com/articles/read/why-warren-bu...

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