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,