UPDATE 2-Vestas wins its biggest-ever Australian order

* Order is for 111 turbines for Collgar project

* Nordea analysts say order worth 300 mln euros ($402.8 mln)

* Deliveries to begin in Q2 2010, seen completed in H2 2012

* Order is for V90-1.8/2.0 MW turbines (Adds Nordea estimate of deal value, quote; updates shares)

COPENHAGEN, March 31 (Reuters) - Danish wind turbine manufacturer Vestas (VWS.CO) has won an Australian order for 111 turbines, its biggest-ever order from that country, the company said on Wednesday.

A Vestas spokesman declined to disclose financial details, but Nordea analysts estimated in a note to clients that the order was worth around 300 million euros ($403 million).

The order is for V90-1.8/2.0 MW turbines for the Collgar project in western Australia and includes a 10-year service contract, Vestas said.

"The 206 MW Collgar wind farm is the largest single order for Vestas in Australia," Vestas Wind Systems A/S said in a statement, adding that the deal did not affect its financial guidance for 2010.

The first turbines are expected on site during the second and third quarters of 2010 and the whole project is expected to be fully installed by the second half of 2012, it said.

Shares in Vestas traded up 2.1 percent at 300.20 crowns by 1439 GMT, outperforming the FTSE cleantech energy index .FTET50, which was up 0.3 percent.

The stock is down 5.4 percent this year, while the index is down 3.8 percent.

"It is new orders that should drive the Vestas share, and it is naturally positive that Vestas receives an order of this magnitude," Nordea said in a research note.

"One more order of this size could restore the market's confidence in Vestas. We are positive on Vestas, which is a cheap growth stock," Nordea said.

Vestas, the world's biggest wind turbine manufacturer, struggled in 2009 when orders dried up amid the global financial crisis, which hit the financing of many energy projects.

"In the current challenging economic times, it is important that large renewable energy investments ... continue in Australia and that the incredible wind resources available are harnessed for sustainable carbon emission reductions," Vestas's Asia Pacific President Sean Sutton said in the statement.

Collgar Wind Farm Pty Ltd, which placed the order, is owned by UBS International Infrastructure Fund and Australia's Retail Employees Superannuation Trust, Vestas said. (Reporting by John Acher and Peter Starck, editing by Will Waterman) ($1=.7448 Euro)