China

China

Final approval for Vestas MHI joint venture

CHINA: Regulatory authorities in China have approved the offshore joint venture between Vestas and Mitsubishi Heavy Industries (MHI).

The Vestas V164 turbine is covered by the joint venture
The Vestas V164 turbine is covered by the joint venture

With this latest approval the collaboration has now cleared its final regulatory hurdle, with all European and Asian competition authorities giving it the go ahead.

Vestas and MHI will each hold a 50/50 stake in the joint venture, which is due to be formally announced in April 2014.

The joint venture will be set up based around selling Vestas' V112-3MW and V164-8MW turbines to the offshore market. The deal will see MHI invest EUR 300 million. Of this, EUR 100 million will be paid up front and the remainder will be dependent on the V164 hitting certain technological and financial milestones.

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