Denmark: No Government Support for Vestas

The Danish government said it will not provide a financial support to the world’s largest wind turbine maker Vestas because, as Denmark’s Energy Minister Martin Lidegaard said: “It is against the government’s general state aid policy,” reports Bloomberg.

Vestas has been hit by a cut in wind energy subsidies and higher than expected costs in developing its V112 turbine.

The company has also announced the job cuts which will reduce its fixed costs by more than € 250 million.

If the talks with Mitsubishi Heavy Industries Ltd. about strategic cooperation fail, Vestas plans to sell € 500 million in shares.

[mappress]

Offshore WIND staff, October 29, 2012; Image: vestas