Vestas Wind Systems A/S continued to sell more of its wind power facilities and plants as it agreed on a deal with Lukerg Renew. The sale will improve Vestas Wind System's cash holdings and will increase the company's revenue. The power plants that Luker Renew will acquire are located in Bulgaria and Romania.
The wind-turbine manufacturer will gain Eur127 million or $168 million from the Lukerg Renew deal. The sale is said to close on the third or fourth quarter this year, said Vestas Wind Systems in a statement.
Vestas said that: "Development and ownership of projects is not part of Vestas' regular business model. The wind facilities and power plants were co-developed by Vestas, among other things, to increase Vestas' share of green electricity."
The company is increasing its efforts to cope with its losses for two years. The company's sales "help reinforce the impression that Vestas is working fast to get into better financial shape," said Sydbank analyst Jacob Pedersen as he stated his recommendation.
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