Wind farm funding is getting easier to find, however banks are taking a closer look at projects and deals are taking longer to close.
Vestas sees excess production capacity pressuring turbine prices in the US.
The changing market is partly the result of governmental initiatives around the world, which have freed up public money and financial guarantees.
But the improvement stems as well from new banks and financial institutions entering the market for the first time, replacing key financial players that are no longer active, Vestas Wind Systems said Tuesday.
The world’s largest supplier of wind turbines said in a press release that “the impact of the credit crisis on the wind power market is starting to taper off.”
However, deals are more complex as frequently more than one financial institution becomes involved.
And in the U.S., while strong growth is expected after 2010, at present, the “market is characterized by excess (production) capacity, which results in non-attractive prices and conditions on certain projects,” the Danish company said.
Vestas competes with turbine suppliers General Electric and Siemens, among others.
In its Tuesday announcement, Vestas reported third quarter results with higher than expected profits due to cost cutting and held steady its sales outlook for the year. Analysts had expected it to fall. Vestas shares rose.
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The more support is given to initiatives of this kind, the less reliant we will be on fossil fuel derived energy. In a few years time the wind generators might be as quaint on the horizon as an old windpump on a farm using modern technology, but for now it is a viable alternative, and needs supporting from institutions and government alike.