COPENHAGEN - Denmark\'s Vestas said it would soon build a wind turbine manufacturing plant in the United States as substantial orders from that market were expected.
Vestas to build US wind turbine plant
\"With our sales expectations for the U.S. market this year and the next, we plan to establish production capacity over there within a short period of time,\" Chief Executive Johannes Poulsen told Reuters on the sidelines of a news conference last week.
He said final approval of concrete plans were pending.
Vestas said it had earmarked 1.8 billion-1.9 billion crowns ($220 million) for investments in 2002. \"A significant part will be spent in the U.S.\"
Poulsen said he expected to get the first significant orders from the U.S. soon, after the U.S. Senate on March 9 approved a two-year extension of a production tax credit (PTC), which is an important factor in financing new wind power installations.
Vestas upgraded its sales forecasts for 2002 and 2003, notably due to a favourable outlook for wind power installations in the U.S., to 14 billion and 16 billion crowns, respectively, from 10.5 and 14 billion crowns.
REUTERS NEWS SERVICE
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