Speaking at Vestas' financial results Runevad said there had been a "great reception of the V164 product. We are on track and joint-venture is progressing as planned."
Runevad highlighted the fact the V164 had broken one-day production records after it produced 192MWh in a 24-hour period in October at Osterrild in Denmark.
In December 2012, Dong Energy and Vestas entered into an agreement to cooperate on a number of test activities for the prototype of the V164 at the Osterild test centre to accelerate the development of the turbine.
Runvad said it "will help bring down costs in the offshore market" as it moves towards its first commercial deployment at Dong 258MW Burbo Bank Extension in the Irish Sea.
He added the joint venture is targeting the North Sea in Europe and believes it is the best place for larger turbines to develop.
"We are very focused on the North Sea, that is the market where big turbines will start.
"We feel that we have a very good product that will come to market in 2016 with the 8MW platform challenging existing players," he said.
Vestas has posted strong financial figures for 2014 with revenue increasing 13.5% to €6.9 billion.