The future looks bright
Although we acknowledge that our market conditions are changing, we continue to look forward to improving our efficiency and competitive position. Renewable energy’s journey to become mainstream energy continues to progress, driving a positive long-term outlook and creating multiple opportunities for the wind energy sector. These are opportunities that we will take advantage of with the right strategic approach and the right management team in place, and I am confident that we will achieve our strategic ambitions.
The route to continuing leadership in sustainable energy
I want to highlight some steps on our journey to becoming the global leader in sustainable energy solutions.
In 2017, we announced a collaboration with Windlab Limited, an Australian-based developer, to create the world’s first utility-scale, fully integrated wind, solar, and battery project. The Kennedy project is designed to shape a path forward for how to integrate more renewable energy into the energy mix and address grid stability challenges that have been a traditional restraint to greater uptake of renewable energy. Learnings from this project ultimately can help accelerate the global transition to an energy mix led by renewable energy.
We have also engaged in a collaborative partnership with battery manufacturer Northvolt AB. This initiative, like Kennedy Energy Park in Australia, is about leveraging Vestas’ core, wind expertise, as a strong base for creating smart, sustainable energy solutions.
Inevitably, short-term results are impacted by current market challenges, but we strongly believe that successful execution of our strategy will lead us to new growth opportunities and sound profitability. Our financial performance in 2017 allowed the Board to increase cash returns to our shareholders, as demonstrated by our dividend and the completion of two share buy-back programmes during the year.
I would also like to take this opportunity to thank our customers, shareholders, and employees. You all make the company successful, and you enable Vestas to be a key driver in the world’s transition from fossil fuels to renewable energy.
Chairman of the Board of Directors
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