Library from Asia

Vestas reveals Norremark deals could cost EUR18 million

Vestas has announced it is terminating its severance agreement with former chief financial officer and deputy CEO Henrik Norremark, citing unauthorised deals costing the company "up to EUR 18 million". ..."[Norremark] seems to have entered into agreements in violation of the company's internal provisions regulating his power to bind the company as well as the company’s interests in general.
2 Oct 2012

Vestas to scale down India operations

Vestas, the world's biggest wind turbine manufacturer, has decided to "scale down its sales efforts in the Indian market''. Vestas is currently implementing a global re-organisation plan to develop a "more scalable and flexible organisation" and cut cost by €250 million by the end of 2012.
25 Sep 2012

Chinese-owned Ralls Corp. sues U.S. over wind-farm order

Ralls Corp., a holding company that controls wind-farm assets, alleged the multiagency Committee on Foreign Investment in the U.S., known as CFIUS, exceeded its authority when it ordered the company to cease operations and keep out of wind- farm development sites it bought, according to a lawsuit filed Sept. 12 in federal court in Washington.
14 Sep 2012

China pushes wind power, but no quick payoff for producers

China boasts the world's largest wind power capacity, but a third of it sits idle as renewable energy is a money-losing business for grid operators and network construction has lagged capacity expansion. As a result, China struggles to transmit electricity from generating zones in the northwest, north and northeast to population hubs in the south and east.
10 Sep 2012

Utility Head: Japan can't afford renewable energy, needs nuclear

Japan is currently devising long term plans to get a handle on its energy crisis but, while renewable energy will certainly play a role, the country is in no position to drop nuclear energy entirely. The debate over the best option for both the Japanese people and the Japanese economy is expected to continue throughout 2012 as the nation's politicians work to find a realistic and sustainable energy solution.
7 Sep 2012

First offshore round stalled by doubts

SOA expects offshore wind farms to be built further away from the coast than the previous four sites. But developers fear that deeper sea areas will mean increased costs and risks on projects that have been won on low feed-in tariffs. They are hoping for an increase in feed-in tariffs, currently set at CNY 0.62-0.73 ($0.098-0.116) per kilowatt hour ...despite far higher development costs.
1 Jul 2012

U.S. sets duties as high as 26% on wind towers from China

The decision is a "positive step," Daniel Pickard, a lawyer with Wiley Rein LLP in Washington who represents the coalition, said in a phone interview. The finding is "where we expected it to be," he said. Broadwind deferred all comments to Pickard. Broadwind closed little changed at 29 cents in Nasdaq Stock Market trading, and rose as much as 9.5 percent after the announcement. The shares are down 57 percent this year.
30 May 2012

'Green' energy makes farmers see red

It was nearly 10 years ago that the farmers fraternity along with local politicians were first found discussing how the biggest wind site in Asia, which is currently adding 1600MW to the state grid, would affect the rain pattern in their region. The project began in 2000. Though the GB Pant committee concluded four years ago-that there was no impact on the rains, villagers think otherwise.
17 May 2012

Cash crunch: Suzlon selling windfarms to repay loans

Suzlon's foreign currency bonds (FCCB), which is the money being raised by the issuing company in the form of a foreign currency, are due for repayment in June and this caused significant concern amongst investors as the company's financial performance is not up to the mark.
4 Apr 2012

Japan alternative-energy investment stalls

By far the biggest problem in attracting investors is the uncertainty surrounding the details of the government's energy policy, set to be unveiled sometime this summer. Although the government will force electricity companies to buy power from alternative-energy providers, for how many years and at what price isn't yet known. That lack of detail has muted investor interest.
3 Apr 2012
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