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Vestas Wind Systems has received a major order to supply, install and service turbines for the Kapuni Wind Farm in New Zealand.
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The project will support one of the country’s first large scale wind powered green hydrogen facilities, aimed at decarbonising transport, industry and agriculture.
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This order adds to Vestas’ track record in combining wind power with emerging clean energy applications.
For investors watching CPSE:VWS, this project lands at a time when the share price stands at DKK158.5, with a 1 year return of 58.4% but weaker performance over 3 and 5 years. The mixed longer term record may keep some investors cautious. At the same time, projects like Kapuni show how Vestas is involved in areas of the energy system that are receiving increased policy and corporate attention.
The Kapuni Wind Farm also illustrates how Vestas can participate in decarbonisation beyond the power sector by supplying turbines that feed green hydrogen production. For you as an investor, it provides another data point on how the company is involved in projects that connect wind assets to end use sectors such as transport, heavy industry and agriculture.
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📰 Beyond the headline: 0 risks and 3 things going right for Vestas Wind Systems that every investor should see.
For Vestas, the Kapuni order looks more significant for positioning than for near term volume. At 26 MW, it is small compared to some of the company’s recent onshore and offshore wins, but it puts Vestas at the center of one of New Zealand’s first grid connected wind projects tied directly to green hydrogen production. The contract combines equipment supply, installation and a 20 year service agreement, which fits with Vestas’ focus on recurring service revenue as a stabiliser alongside more cyclical turbine sales. The partnership structure, involving Hiringa Energy and several industrial and government linked stakeholders, also shows how Vestas can sit inside broader clean energy ecosystems rather than just selling hardware.
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Kapuni supports the narrative that policy support and energy transition initiatives are widening Vestas’ opportunity set, especially where wind links to grid upgrades and new end uses like hydrogen.
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The relatively small size of the project means it is unlikely to materially shift order intake trends that analysts watch closely, so it does not, on its own, resolve concerns about order volatility or pricing pressure versus peers such as Siemens Energy and General Electric.
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The integration of wind with green hydrogen production is not a major focus of the existing narrative, so investors may see this as an additional angle on how Vestas could participate in decarbonisation beyond conventional power generation.
