Vestas expects US order boost from climate act

Danish wind turbine maker welcomes Inflation Reduction Act but reports second-quarter loss as inflation and supply chain issues continue to weigh on performance

Danish wind turbine manufacturer Vestas expects its US order intake to accelerate as the country’s renewables sector benefits from the new Inflation Reduction Act. Vestas is already engaged with customers over the impact of the act, although the first meaningful increase in firm orders may not come until 2023 as developers need time to fully understand how it will affect their projects, CEO Henrik Andersen told analysts on a second-quarter earnings call. “We welcome the clarity on what is going to happen in the US in the next ten years and we very much welcome that it includes onshore, offshore, solar and also reaches out to power-to-X or hydrogen, which has a prominent role in the act,” And