Allianz AG (ASI) has said it plans to invest € 300–500 million in wind energy over the next five years, through its London-based asset management unit Allianz Specialised Investments. ASI has so far invested around € 200 million in renewable energy. Allianz said it sees further business opportunities in emissions trading, and investment opportunities in renewable energies, risk mitigation products such as weather derivatives and eco-upgrade products in insurance.

Weier Electric GmbH has filed a petition for insolvency proceedings at the court in Eutin, Germany. For more than ten years Weier has been a supplier of generators for Vestas’ wind turbines. Against the background of the petition for insolvency, Vestas is now evaluating whether it would be worthwhile to take over certain assets from Weier. Vestas expects to provide further information regarding its evaluation of possibilities for purchase of assets from Weier in connection with the publication of Vestas’ Half-Year Report 2005 on 25 August 2005.

Vestas has received the Business Licence for its first factory in China. After having surveyed a number of potential locations, Vestas has decided to set up a blade factory in Tianjin Economic-Technological Development Area (TEDA), where Vestas has signed a contract to buy about 190,000 m² of land. The establishment of the factory that will employ about 240 people will be started as soon as possible, and Vestas expects to deliver the first 39m blades for V80-2.0MW wind turbines during the first half of 2006. At full capacity, the factory will be able to produce approximately 600 turbine blades per year. Vestas’ investment in the new factory totals around € 25 million and is included in the investment plans described in the company’s Annual Report 2004.

As a step to strengthen Vestas’ position in Castilla y León and in Spain in general, the Vestas Group has decided to establish a nacelle assembly factory in Villadangos, in the province of Castilla y León, on land developed by the regional government. The factory, to be built inside a 25,000 square-metre plot, will specialise in production of V90 wind turbines. The factory is expected to be put into operation during the first half of 2006 and, when fully operational, the factory will have an annual capacity of 300 nacelles and is expected to generate employment for up to 150 people. The total investment in production equipment, land and buildings is expected to amount to € 10 million.

The supervisory board of LM Glasfiber Holding announced on 8 July that Anders D. Christensen had stepped down as chief executive officer with immediate effect. Bob Mackenzie has been named CEO on an interim basis and has joined the executive board of management. Bob Mackenzie formerly worked in a number of senior management roles at Hanson plc, Imperial Tobacco and NCP and is currently chairman of PHS in the UK. The board will begin the search for a new CEO immediately. The company does not expect to make any additional changes to the executive board of management.

EU Energy plc has announced that the acquisition of DeWind GmbH by EU Energy and Shriram Ltd has now been completed. EU Energy welcomes DeWind as part of its group of companies and is targeting growth of DeWind in India, Asia, the USA and Europe. DeWind’s profile and industry-wide recognition is seen by EU Energy as an ideal fit with the company’s ambition to supply turnkey solutions for wind farm operators.