SUBSCRIBE
PROFILE

Vestas multiplies its net profit in 2024 and records an all-time high order backlog

The world leader in wind energy, Vestas, multiplied its net profit sixfold in 2024, reaching €499 million. With a record order backlog of €68.4 billion, the Danish group is betting on offshore wind power to sustain its growth.

Share:

Gain full professional access to energynews.pro from 4.90€/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90€/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90€/month

*Special launch offer: 1st month at the indicated price, then 14.90 €/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99€/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99€/year

*Introductory annual price for year one, automatically renewed at 149.00 €/year from the second year.

Sign up for free to unlock this article

Danish group Vestas, the global leader in wind energy, experienced a year of strong financial performance in 2024. Its net profit surged to €499 million, compared to €77 million a year earlier, while its revenue increased by 12% to reach €17.3 billion.

A momentum driven by an unprecedented order backlog

Vestas’ order backlog reached an all-time high of €68.4 billion by the end of 2024. This growth is driven by a rising demand for onshore wind power, accounting for 21.7 gigawatts (GW) of new orders, as well as a notable expansion in the offshore segment, which recorded 7.5 GW, an increase of 3.2 GW year-on-year.

This trend supports the company’s strategy of expanding in Europe while strengthening its presence in emerging markets such as Japan and South Korea. The group also announced securing its first offshore order in the United States, a market marked by regulatory uncertainties.

Outlook and targets for 2025

Despite a slowdown in the services sector, Vestas remains optimistic about its future. The company aims for revenue between €18 billion and €20 billion in 2025.

According to its annual report, management believes that the demand for sustainable energy solutions continues to rise, driven by an increasing need for energy security and resilience amid global energy market fluctuations.

  • Popular on energynews.pro
Petrobras takes 27.5% stake in Block 4 offshore São Tomé with Shell and Galp
Italy could unlock €16bn in hydropower through new concession model
Orazul Energy launches cash tender offer for its 2027 notes
Sub-Saharan Africa LNG exports expected to triple by 2034
Westinghouse and EDF reactors deemed viable for Slovenia’s JEK2 nuclear project
Vattenfall invests in new 63MW onshore wind farm in Scotland
Vattenfall commits new investment to the Clashindarroch II onshore wind project, a 63MW site in Scotland set to begin construction in 2026 and deliver first power in 2027.
Alerion completes acquisition of 14.4 MW wind farm in Ireland
Alerion Clean Power enters the Irish market through the acquisition of an onshore wind farm in County Tipperary, as part of its 2025–2028 industrial plan.
Global wind sector targets 2 TW installed capacity by 2030 despite uncertainties
Driven by China's acceleration, global wind capacity is expected to reach 170 GW in 2025, paving the way for a doubling of installed capacity by 2032.
Ocean Winds installs first foundation at Dieppe – Le Tréport offshore wind farm
Ocean Winds reaches a new milestone with the installation of the first foundation at the Dieppe – Le Tréport offshore wind farm, which will comprise 62 turbines supplying nearly 850,000 people.
Pennavel and BrestPort sign strategic agreement for Breton floating wind project
Pennavel and BrestPort strengthen their partnership around the South Brittany floating wind project, aiming to structure industrial operations from 2030 at the EMR terminal of the port of Brest.
Van Oord completes installation of 109 cables at Sofia offshore wind farm
Van Oord has completed the installation of 109 inter-array cables at the Sofia offshore wind farm, marking a major logistical milestone for this North Sea energy infrastructure project.
ERG signs three PPA contracts with FS Group for 1.2 TWh of electricity
Italian producer ERG will supply 1.2 TWh of energy to Rete Ferroviaria Italiana starting in October, marking a step forward in structuring the national PPA market.
Envision Energy signs exclusive agreement for 4.5 GW wind project in Turkey
The Chinese turbine manufacturer has signed a strategic agreement with Mensis Enerji to develop an initial 4.5 GW wind power portfolio in Turkey, strengthening its position in a fast-growing regional market.
Trump administration moves to revoke Avangrid permits for offshore wind off Massachusetts
The Trump administration plans to revoke federal approval of the New England Wind project, jeopardising offshore wind contracts representing 2,600 MW of capacity off the northeastern US coast.
Orsted sues Trump administration over halt of Revolution Wind project
Orsted and two U.S. states have taken federal legal action to contest the abrupt halt of the Revolution Wind project, a $5 billion offshore venture now at risk of prolonged suspension.
SPIE secures strategic contract for TPC II offshore wind farm in Taiwan
SPIE Wind Connect will carry out subsea connections for phase II of the TPC project, a major development in Taiwan’s offshore wind sector with a projected annual capacity of 1,000 GWh.
Envision Energy enters Turkish market with 232 MW wind project
Envision Energy launches its first project in Turkey in partnership with Yildizlar Group, adding 232 MW to the national wind capacity in Karaman province.
ABO Energy cuts costs and accelerates wind project sales
ABO Energy maintains its annual targets despite a drop in half-year profit, relying on cost-cutting measures and early project sales to secure cash flow.
Energiekontor secures financing for two wind farms totalling 94 MW in Lower Saxony
Energiekontor has closed financing for two wind projects in Verden, with a combined 94 MW, with construction starting this year and commissioning scheduled for 2027.
Seoul excludes foreign turbines in 689 MW offshore wind auction
South Korea has rejected all projects using foreign turbines in its 2025 offshore wind auction, marking a strategic shift in favour of local industry and energy security.
Denmark rejects again 37 offshore wind applications without tender
The Danish Energy Agency confirmed the rejection of 37 feasibility study permit applications, citing European Union state aid rules and lack of competition.
ACEN Australia’s 900 MW wind project secures federal approval
With an AUD$3 billion investment, ACEN launches one of Tasmania’s largest private projects, aiming for commissioning in 2030 and annual supply for 500,000 households.
In France, four citizen-funded wind turbines inject 12.9 MW into the Breton grid
In France, a 12.9 MW wind farm financed by local actors has been commissioned in Martigné-Ferchaud, showcasing an unprecedented model of shared governance between citizens, local authorities and public investment companies.
Five US coastal states challenge Trump over offshore wind projects
The governors of five states urged the Trump administration to maintain permits for threatened offshore wind projects, citing massive investments and jobs at stake in a nascent industry.
Green Wind Renewables launches 450 MW wind project in Western Australia
Green Wind Renewables is developing a 450 MW wind farm in the Wheatbelt region of Australia, with up to 75 turbines and an estimated annual output of 1.5 TWh.

Log in to read this article

You'll also have access to a selection of our best content.