Denmark: Vestas Could Sell Shares to Payout Their Debt

The world’s largest wind turbine maker, Vestas, plans to sell shares to boost its finances.

Daniel Patterson, an SEB analyst, said to Bloomberg: “The cash flow guidance is a mess.”

Earlier this year, Vestas announced that they will reduce their workforce to about 16,000 from 22,721 as a measure of cutting costs.

The wind energy giant is also in talks with Mitsubishi Heavy Industries regarding a potential strategic cooperation.

“As time passes the likelihood of a Mitsubishi Heavy Industries deal has dwindled,” SEB’s Patterson said.

If these talks fail, Vestas plans to sell € 500 million in shares.

[mappress]

Offshore WIND staff, November 19, 2012; Image: vestas