Boost for Vestas as Danish government backs renewable investment

Vestas turbine Danish Prime Minister Helle Thorning-Schmidt has delivered a boost to Vestas (OMXVWS) as he announced that tough economic conditions shouldn't deter investment in renewable energy.

Vestas rose as much as 2.9 percent, the biggest increase of stocks in the benchmark OMX Copenhagen Index, reports Bloomberg.

“Even though we’re in an economic crisis, this is the time to invest in green jobs,” Thorning-Schmidt said in a Bloomberg Television interview today. Dependency on oil will be “extremely expensive” in the future, and “that is why we’re turning to be more dependent on wind energy and solar energy.”

Vestas Chief Executive Officer Ditlev Engel said the company is looking to Asia for growth and sees “good opportunities” in China, South Korea and Japan.

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