Vestas suffers further Mexico delay

Vestas is best placed to benefit from the recovery, according to HSBC
Vestas has acknowledged that the 396MW Mareña Renovables project, for which it is supplying turbines, has been delayed further.

"Vestas can confirm that it has agreed to extend the forbearance agreement from 30 November 2013 until 28 February 2014 subject to the fulfillment of certain conditions," Vestas says in a note to the stock market without giving further detail.

The large project is being developed by Macquarie Mexican Infrastructure Fund, Mitsubishi Corporation and PGGM, a Dutch pension fund.

It had been delayed previously after access to the construction site had been impacted by opposition groups in Oaxaca.

Mareña Renovables had already entered into a forbearance agreement with the project lenders until 30 July 2013,  and with Vestas until 30 November 2013.

The delay to the project has been a significant setback for Vestas.


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