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Wind Energy Sector Gains Propel FAN Up 1.71%

The First Trust Global Wind Energy ETF (FAN) is experiencing upward momentum, driven by several positive developments in the wind energy sector. Vestas, a leading player in the wind industry, reported stronger-than-expected profits for 2024, buoyed by robust orders and favorable selling prices. This optimism from Vestas, as stated by CEO Henrik Andersen, suggests a promising outlook for the wind energy market, which is likely contributing to investor confidence in wind energy-related ETFs. Additionally, Siemens Gamesa's unveiling of a record-sized wind turbine prototype has generated excitement, potentially signaling advancements in wind technology that could enhance efficiency and output.

Further bolstering the sector's prospects, Iberdrola and Grupo CCR have finalized a strategic agreement to supply wind energy from the Neoenergia Oitis wind farm in Brazil, marking a significant step in expanding wind energy's footprint in South America. Meanwhile, TenneT's commitment to connect a 2 GW offshore wind project in the Netherlands underscores the growing investment in offshore wind infrastructure, which is expected to play a crucial role in Europe's energy transition. These developments highlight the increasing global emphasis on wind energy as a sustainable and reliable power source.

The First Trust Global Wind Energy ETF (FAN) rose to $14.83, marking a 1.71% increase as of 10:00 AM on February 5th.