Vestas in Brazil to stay, vows Albæk

Morten Albæk says Vestas is working 'as fast as possible' to comply with BNDES regulations

Morten Albæk says Vestas is working 'as fast as possible' to comply with BNDES regulations

Vestas will stay in the Brazilian market and is working hard to comply with regulations governing project funding, group senior vice-president Morten Albæk tells Recharge.

“We are definitely staying in Brazil and we are going to comply with the Finame [funding] conditions [of national development bank BNDES],” Albæk said.

Asked when the company would meet the conditions, he replied, “as fast as possible”, although he added: “This has also got to do with their ability to approve us, and we are working with them to clarify the conditions.”

Albæk 's statement flies in the face of predictions by many industry insiders who recently have told Recharge that the Danish manufacturer could leave Brazil because it would be too expensive to meet BNDES's local-content production rules regarding preferential funding for projects that use qualified turbines.

So far, six turbine manufacturers have complied with the BNDES domestic-content rules: Impsa, Gamesa, Alstom, Wobben, GE and Acciona.

Since its arrival in Brazil, Vestas has won around 1.150MW of orders. Of this total, 540MW is still under construction, including a 254MW contract with Brazilian developer CPFL Renováveis for a project for the unregulated market.

Vestas has not won any new order in public energy tenders since 2011.

It recently closed a deal with car maker Honda to build a 27MW wind farm in the south of Brazil.

Additional report from Milton Leal, in São Paulo

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