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Vestas buys out MHI Vestas Offshore stake from Mitsubishi

Danish wind turbine maker Vestas Wind Systems has announced that it has agreed to buy the entire stake held by Japan’s Mitsubishi Heavy Industries in their 50/50 offshore wind joint venture MHI Vestas Offshore for around EUR709m ($831.7m).

Vestas plans to incorporate MHI Vestas Offshore Wind into the group immediately and launch a new offshore wind turbine platform.

Under the agreement, Vestas will issue around 5.05m shares to Mitsubishi. The two parties have also agreed to form a joint venture in Japan for the sale of onshore and offshore turbines.

“Vestas is the leader in onshore wind, but to accelerate the energy transition and achieve our vision we must play a larger role in offshore wind,” said Vestas CEO Henrik Andersen.

In the meantime, Vestas has appointed Johnny Thomsen as the new CEO of the company,

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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