Vestas and MHI close partnership agreement

15 December 2020

Vestas and Mitsubishi Heavy Industries have closed an agreement officially announced in October to expand their partnership in sustainable energy. By closing the agreement, Vestas has acquired MHI’s shares in the MHI Vestas Offshore Wind joint venture, while MHI has acquired 2.5% of Vestas and will be nominated to a seat on its board of directors. Bert Nordberg, chairman of the Board of Vestas, said “Welcoming offshore back is the beginning of a new chapter in Vestas’ history, offering strong growth opportunities towards 2030 and further acceleration of the deployment of renewable energy. “

With the agreement approved by relevant authorities and closed by the involved parties, the integration of Vestas and MHI Vestas Offshore Wind can now accelerate, with the aim to complete the organisational integration by 1 February 2021.

Henrik Andersen, group president and CEO of Vestas, said, “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”.

In addition to the announced organisational integration, Vestas and MHI will continue setting up a joint venture for wind energy in Japan as well as explore the partnership within green hydrogen.

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