Wind power giants Vestas and Orsted surpassed estimates in the first quarter, with the latter citing the Iran war as a key reason to push ahead with clean tech investment.

Norway’s Equinor, which is primarily an oil and gas major, also posted bumper earnings through the first three months of the year.

Equinor’s CFO told CNBC that the corporation expects the Middle East crisis to deliver a boost to its transition industries.

The Iran war appears to have supercharged the clean energy transition, providing a catalyst for wind power giants as countries reassess the role of renewables in shoring up energy security.

Danish wind turbine maker Vestas reported an unexpectedly large first-quarter revenue rise on Wednesday, citing improved execution of its onshore and offshore businesses despite growing political uncertainty.

Danish utility Orsted also posted stronger-than-expected income through the first three months of the year, while Norway’s Equinor, which is primarily an oil and gas major, told CNBC that the Middle East crisis is set to deliver a boost to returns in its clean tech division. This also touches on aspects of bull market.

Torgrim Reitan, chief financial officer at Equinor, commented that the drivers behind the energy transition have clearly shifted amid the Iran war, moving from a focus on decarbonization to issues such as energy security, self-sufficiency and independence.

“In Europe, we see that there is clearly huge momentum behind that,” Reitan told CNBC’s “Europe Early Edition.”

Equinor, which posted its strongest quarterly gains in three years on Wednesday, has three large offshore wind developments in the U.S., Poland and U.K., with the latter slated to become the world’s largest offshore wind farm when it enters production.

The oil and gas giant joined its industry rivals in reporting bumper first-quarter results, benefitting from soaring fossil fuel prices since the U.S. and Israeli-led war against Iran began on Feb. 28.

Analysts expect the fallout from the Iran war energy shock to prompt countries to direct even more investment toward clean energy resources — a trend likely to benefit companies with exposure to green tech.

“Our priority is to deliver the projects we have under development and beyond that clearly we will have to see significant return from that business to invest — but we do believe that what is going on now will actually help the returns in sort of the transition industries,” Equinor’s Reitan noted.

Energy transition

Denmark’s Orsted stated events in the Middle East had reaffirmed the need to accelerate Europe’s energy transition, highlighting the role of offshore wind in particular as a key component in this shift.

“When we look at what’s happening in the globe, there’s no reason not to switch gears in the energy transition towards renewables in Europe. Europe is spending billions every week on fossil fuel imports — but it doesn’t have to be that way,” Orsted CEO Rasmus Errboe mentioned in a statement.

“Offshore wind and other renewables can deliver secure, green energy and can significantly lower total system costs for households and businesses when deployed at scale,” he added.

Orsted, which has struggled in recent years with soaring costs and supply chain disruption, has doubled down on its European businesses following resistance to U.S. wind power from the White House.

U.S. President Donald Trump has a long history of mocking wind power, claiming at the Earth Economic Forum earlier this year that wind turbines destroy land and lose finances as he took aim at the European Union’s energy policy.

EU Climate Commissioner Wopke Hoekstra dismissed Trump’s criticism as “nothing new” at the time, saying the region takes “a fundamentally different view” on the transition away from fossil fuels.

Data centers

Vestas CEO Henrik Andersen on Wednesday welcomed the firm’s best first-quarter earnings since 2018, saying the better-than-expected result bodes well for the rest of the year.

“We are in a much better place, probably than what we expected to be a few months ago,” Andersen told CNBC’s “Squawk Box Europe,” before seeking to highlight the benefits of electrifying the grid.

When asked about whether the corporation is meeting with data center builders to discuss how renewable power can support the buildout of AI, Vestas’ CEO commented he was due to travel to the U.S. over the weekend “and not surprisingly, that is part of the journey as well.”

In what appeared to be a thinly veiled reference to Trump, Andersen said: “Just because one person in the international community has a maybe wrong perception of what reality … is, that doesn’t take the rest of the community off the scale. So, things keep motoring.”

Not everyone is convinced that investors will purchase into the idea that recent geopolitical tensions could materially accelerate the renewables investment cycle.

“Overall, while energy security concerns can reinforce the long-term case for renewables, we see limited evidence that the Iran conflict is driving a near-term step change in fundamentals,” Tancrede Fulop, senior equity analyst at Morningstar, told CNBC by email.

“Among the two, Vestas appears better positioned to benefit from any acceleration in renewable deployment, whereas Orsted remains focused on executing its existing project pipeline,” he added.