Denmark

Denmark

EU approves Vestas MHI joint venture

EUROPE: The European Commission has approved the offshore joint venture forged between Vestas and Mitsubishi Heavy Industries (MHI).

The joint venture covers the V164 turbine
The joint venture covers the V164 turbine

Concluding that the proposed acquisition would not raise competition concerns, the commission said that there are "only minimal overlaps between the activities carried out by the parties".

Vestas and MHI finalised their joint offshore venture in September, a year after talks between the two were announced by the Danish manufacturer.

The deal will see MHI invest EUR 300 million, with EUR 100 million up front and the remainder dependent onn the V164 hitting certain milestones.

In return, Vestas will make the V164-8.0 MW, its V112-3.3MW offshore order book, existing offshore service contracts and around 300 employees part of the joint venture.

Currently, ownership is 50:50. However, MHI has an option to acquire 51% of the company.

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