Danish Vestas and Mitsubishi Heavy Industries  

Engage in Offshore Wind Energy Joint Venture

2013.10.15

The Danish wind turbine producer Vestas Wind Systems and the Japanese conglomerate Mitsubishi Heavy Industries (MHI) have agreed to form a joint venture aimed at gaining a strong position in the market for offshore wind turbines.

Vestas, the world's largest wind turbine maker, announced in August last year that it was in dialogue with MHI about the offshore segment. Vestas will transfer the development of its large V164 8 MW offshore wind turbine, the order book for its V112 offshore turbine, existing offshore service contracts and about 300 employees to the joint venture, while MHI will inject 100 million euros in cash and a further 200 million euros based on certain milestone achievements,

"Leveraging on the respective strengths of each organisation, 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," Vestas said.

Regional Project Manager at Invest in Denmark, Peder Bo Sørensen sees the new joint venture as a clear benefit to the Danish wind industry:

“Denmark has a leading offshore wind industry, but bringing in a large international player like Mitsubishi Heavy Industries definitely helps to maintain and develop this position.”

The head office of the joint venture will be located in Aarhus, Denmark, from where the company will handle all aspects from design, further development, procurement and manufacturing related to the V164-8.0 MW turbine as well as all marketing, sales and after-sales service related to offshore wind. Vestas will continue to manufacture and supply the V112 turbines which the JV will offer for offshore projects.

The main markets for offshore wind turbines are the North Sea coastal countries, particularly the UK and Germany. In these and all other markets, today, measures are being taken to support the introduction of wind power generation equipment to supersede outdated coal-fired and nuclear plants, and solid growth in this area is expected to continue going forward. The establishment of the JV between MHI and Vestas is the two partners’ joint response to this market’s robust growth potential.

About Vestas
Vestas was founded in Denmark in1898 has delivered wind energy in 73 countries. Vestas has 62 per cent more megawatts installed than the closest competitor and more than 50,000 wind turbines equivalent to 57,000 MW of cumulative installed capacity worldwide.

About MHI
MHI is one of the world’s leading manufacturers of machinery within power systems, nuclear energy and commercial aviation and aerospace. The company has approx 68,000 employees and consolidated sales of JPY 2,818bn in the fiscal year of 2012. Since delivering Japan’s very first wind turbine for commercial use in 1982, MHI has supplied a total of more than 4,200 units worldwide, having a combined output of almost 4,400 MW. Presently, MHI is undertaking development of a 7 MW wind turbine (known as the “Sea Angel”) adopting the world’s first digitally controlled hydraulic drivetrain.

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Peder Bo Sørensen

Peder Bo Sørensen

+45 2170 5851

pedsor@um.dk

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Kensuke Nakajima

Kensuke Nakajima

+ 81 80 3502 8740

kennak@um.dk

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