Vestas Also Wins Contract For Second Phase: Vestas to Supply Wind Turbines For Ukraine's Largest Wind Energy Project
Madrid, Spain - Danish wind turbine manufacturer Vestas has been awarded a 384 MW contract for the second phase of DTEK's Tyligulska project in Ukraine. The order complements the 114 MW order for Tyligulska I, which Vestas received in March 2021 and successfully commissioned in spring 2023.
Vestas will also provide service for both phases of the DTEK Tyligulska project under a 20-year service contract.
Delivery of the turbines for the second phase is expected to start in the first quarter of 2025, with commissioning scheduled for the fourth quarter of 2026.
"I want to thank DTEK for showing visionary leadership and authorities in Denmark, Ukraine and EU for their strong support to this ambitious project that will help strengthen Ukraine's energy security", said Vestas President and CEO Henrik Andersen.
"Since the beginning of the invasion, we have already invested more than €1 billion in Ukraine. This deal signals not only our confidence in Ukraine, but our partners’ trust in DTEK to deliver major energy projects during a war. Thank you to all our European partners for the role you are playing in strengthening Ukraine’s energy security", adds DTEK CEO Maxim Timchenko.
The project is being implemented with strong support from the Danish, Ukrainian and EU authorities and is backed by a financial guarantee from the Danish State Export and Investment Fund (EIFO).
In the persistently weak stock market environment for renewable energy companies, the Vestas share price has risen slightly today. The RENIXX Group share is currently trading up 0.7 per cent at a price of EUR 12.68 (15:10, 23 January 2025, Stuttgart Stock Exchange).
Source: IWR Online, Jan 01 2025