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Vestas-Mitsubishi agreement in place

Following months of negotiations, Vestas and Mitsubishi of Japan have agreed on a joint venture.

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Vestas and Mistubishi Heavy Industries (MHI) have finally concluded their negotiations on a strategic cooperation to set up a joint venture to produce offshore wind turbines, according to a Stock Exchange report.

The new joint venture company is to be headquartered in Aarhus in Denmark where all design, production and sales are to be coordinated.

The two companies expect to be able to win a large market share of the offshore turbine market ad to become a world leader in the segment.

“The (joint venture) will be well-positioned to win an expanding share of the offshore wind turbine market and become a global leader in this attractive and high-growth market,” the Stock Exchange announcement says.

“With Vestas’ comprehensive technological capabilities and long-standing track record within the overall wind power market, and the offshore wind segment specifically, and MHI’s strong and long-standing presence in global power markets and related technologies, the JV will benefit from significant synergies,” it adds.

MHI Executive Senior Vice President and Head of Power Systems Masafumi Wani is to be chairman of the Board of Directors.

Equity ownership ratios will be 50 per cent for each of MHI and Vestas with an option for MHI to change the ownership ratio to 51 per cent for MHI and 49 per cent for Vestas in April 2016, the announcement says.

According to the announcement, the new joint venture’s main markets will be in the North Sea coastal countries, and particularly Germany and the United Kingdom.

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