We recently examined the level of vertical integration of wind turbine firms and compared it with their return on invested capital. Generally, we found firms with lower vertical integration tended to have higher returns on capital. We also surveyed top 20 wind farm developers in the United States to get their impressions of wind turbine vendors. Their answers suggested four clear groups—the “blue chip” players like GE, Siemens, and Vestas, a respected second tier, a few firms that are respected but seen as potential competitors because of their integration into development, and some reputation-challenged players.
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