Danish wind turbine maker Vestas (VWS.CO) announced Wednesday that it sold 18.5 million new shares, raising 8.98 billion Danish crowns (US$1.05 billion).
"The capital increase has been subscribed for at a price per share of 323 Danish crowns and in a private placement sold on to institutional and professional investors," Vestas said in a release.
1Q09 Report
The company also issued an interim quarterly report, noting that demand in Northern Europe had lessened, resulting in cuts of 1,900 wind jobs.
Nonetheless, the company announced a 70% rise in 1Q09 profits to EUR 56 million (US$74.5 million).
1Q revenue increased 58% to EUR 1,105 million (US$1,469 million).
The company reiterated its previously announced 2009 guidance, saying revenue is expected to rise by 20% to EUR
7.2 billion (US$9.6 billion), while the EBIT margin is expected to be 11-13%.
"During the past six months, the wind power industry has suffered from a funding crisis--not a demand crisis. The projects that will help Vestas meet its forecast for 2009 are currently only awaiting funding; everything else is in place," the company said in a release.
