Vestas and Mitsubishi Heavy Industries (MHI) have completed a deal that sees Vestas take control of the offshore wind turbine joint venture Mitsubishi Vestas Offshore Wind.
In closing the agreement, Vestas has acquired MHI’s shares in the MHI Vestas Offshore Wind joint venture. MHI has acquired 2.5% of Vestas and will be nominated to a seat in Vestas’ board of directors.
Vestas board chairman Bert Nordberg described the deal as “the beginning of a new chapter in Vestas’ history, offering strong growth opportunities and further acceleration of the deployment of renewable energy.
“Since we divested our offshore business back in 2013, we have had a great partner in Mitsubishi Heavy Industries,” he said. “Now we embark on a new journey together.”
Vestas group president and chief executive Henrik Andersen said, “Offshore wind is officially a full part of the Vestas family again.
“I look forward to creating a strong team that can establish the technological, operational and cultural platform to make us a leader in offshore like we already are in onshore.
“The immediate priority for us will be to integrate offshore into our operating model, which together with a leading offshore product platform and continued focus on execution will enable us lead the industry overall and accelerate the energy transition.”
With the agreement approved by the relevant authorities, the integration of Vestas and MHI Vestas Offshore Wind will now accelerate. Vestas hopes to complete organisational integration by 1 February 2021.
As part of the integration process, Vestas also announced new roles for leaders from the joint venture. As of 1 February 2021, Johnny Thomsen, currently CEO of MHI Vestas Offshore Wind, will become group senior vice president, head of global offshore commercial, reporting to Vestas’ chief sales officer, Juan Araluce.
Flemming Ougaard, currently head of global offshore service and construction will become SVP, head of global offshore service and construction, reporting to Juan Araluce and Vestas’ chief service officer, Christian Venderby.