MHI Vestas ‘in profit’ by 2019

MHI Vestas expects to begin turning a profit by 2019 after a ramp-up in manufacturing of its V164-8.0MW turbine hits top gear.

The company is on track to double revenue over the next three years, according to annual results published by the company’s joint venture partner Vestas.

EBITDA “is expected” to reach break-even by 2018 with pre-tax profit to hit that mark by 2019.

“MHI Vestas Offshore Wind continues to enjoy success in the marketplace and activity levels are expected to continue to increase with factories ramping up for new installations of V164-8 MW projects. In the short-term, this will adversely impact earnings,” said Vestas. 

“In addition, large amortisations of the 8 MW platform will likewise impact financial performance.”

During 2016 MHI Vestas recruited and trained over 500 staff and completed the first commercial installation of 8MW turbines at Dong’s 258MW Burbo Bank 2 wind farm off the UK’s west coast.

Image: MHI Vestas