Strengthening a firm foothold

VEO AS looks back at a very strong 2018. In addition to successfully running several large projects, the Norwegian subsidiary managed to secure new long-term projects and double its personnel. The high demand for VEO AS’s services and knowhow, especially in the wind-power industry, points towards an equally bright 2019.   

VEO AS continues to thrive on the Norwegian market – the key success factor being the company’s strong ties to developers and investors. “We have worked hard to build our network, and it is paying off. Developers and investors invite us to be part of their projects already at the feasibility phase. This obviously gives us a huge advantage when it comes to being utilised also in the execution phase”, says VEO AS Managing Director Viktor Forss.

During 2018, VEO AS negotiated with several customers and was selected as the supplier for five new wind-farm electrical balance of plant (EBoP) projects that will be conducted in 2019 and 2020. These projects will have a combined capacity of 275 MVA.

When it comes to hydropower, the opportunities are almost endless, considering that Norway has 1 600 hydropower plants – all needing maintenance and modernisation work at some stage. It takes solid knowhow to take on these projects and to deliver them successfully.  VEO’s long experience is very sought-after, as these projects tend to be rather challenging.

VEO has a framework agreement with Eidsiva Vannkraft, one of Norway’s largest producers of hydropower, running at least until 2021. Eidsiva operates 48 hydropower plants in the area around Lillehammer, and according to the agreement, VEO will be involved in several maintenance and modernisation projects per year. The signing for the next scheduled larger project, Hunderfossen (with two units 58 + 72 MVA), will be during Q1 2019.

Further growth expected

To continue providing top level service to the current customers, as well as meeting the high demand for VEO’s services on the Norwegian market, VEO AS needs to keep growing. “We are actively looking for both junior and senior colleagues. I’m happy to see that we are attracting a lot of young people. It’s great to be able to offer them a fantastic first workplace and get their enthusiasm and fresh ideas in return. Obviously, we also need experienced experts as well, so it’s a question of finding the right balance”, says Forss.

Looking further ahead, Forss sees unlimited opportunities in the years to come. Norway is a forerunner when it comes to developing a fossil-free infrastructure, and this is an area where VEO is clearly suited, due to the company’s electrification knowhow.

“VEO has found a successful way of working closely with developers and investors in Norway. As we have seen, this has had a clear positive effect when it comes to securing significant deals. A similar way of working could be utilised to a further extent on other VEO markets – and new markets in the future”, concludes Forss.

We have worked hard to build our network, and it is paying off. Developers and investors invite us to be part of their projects already at the feasibility phase.

Projects in the spotlight

Wind power

The most significant deal during 2018 was signed with BlackRock, one of the world’s largest asset managers and leading investors in renewable energy. VEO will supply a turnkey solution for the electrification of the 197.4 MW Guleslettene wind farm project in Norway. Zephyr, one of Norway’s leading wind-farm developers and operators, will manage the construction phase and, once operational, run the installation.

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In December, just in time to wrap up 2018, VEO AS signed contracts with both new and existing customers. For new customer, Helgeland Kraft, VEO will provide a complete electrical modernisation of a 23 MVA hydropower plant in the region of Mo i Rana. For existing customer, Glitre Energi (previously EB Kraftproduksjon), VEO will carry out the electrical modernisation of a 17 MVA power plant, with an option for the modernisation of a 2 x 54 MVA power plant.

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In 2018, our turnover rose to an impressive €103 million, and the number of orders increased more than ever before.

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