GS RENEWABLES BAROMETER US orders & Offshore turnaround coming through at Vestas

Research evidence excerpt

GS RENEWABLES BAROMETER US orders & Offshore turnaround coming through at Vestas

Equity Research

1 July 2026 | 5:03AM BST

GS RENEWABLES BAROMETER

US orders & Offshore turnaround coming through at Vestas

Ajay Patel

+44(20)7552-1168 | ajay.patel@gs.com

Goldman Sachs International

Lawrence Lavizani

+44(20)7051-1060 |

lawrence.lavizani@gs.com

US onshore orders showed continued momentum. US onshore wind orders Alberto Gandolfi

continued to show solid activity with Nordex confirming re-entry with several firm +39(02)8022-0157alberto.gandolfi@gs.com|

orders. In Germany, we saw debate between industry and government over whether Goldmanbranch Sachs Bank Europe SE - Milan

awarded projects are handed back. This could potentially impact the delivery of

Germany’s offshore wind targets. Elsewhere, we flag connection requests to power

grids across Europe have surged to nearly 500 GW, equivalent to 1.5x current

European power demand, up sharply from our most recent projection of c.290 GW

six months ago, and just 170 GW in January 2025. While some of this pipeline may be

speculative, we believe its rapid growth and its scale signal a major datacenter

construction phase ahead. In this context renewables continue to stand out, thanks

to their lower LCOE and faster time to market, enabling them to respond to rising

power demand needs from electrification and artificial intelligence.

Vestas saw a pick up in onshore activity. Announced onshore wind orders over 2Q

2026 totaled 2.8GW for Vestas and 1.6GW for Nordex, with no announcements of

firm orders for Siemens Energy and GE Vernova. For Vestas, this compares with 2Q

2025 total orders of 2.0GW (1.1GW announced). For Nordex, while its orders are

lower than the total orders (2.3GW; 1.1GW announced) seen in 2Q 2025,