Vestas Completes Acquisition of MHI’s Shares in MHI Vestas Offshore Wind

Vestas and MHI have closed the agreement for Vestas to acquire MHI’s shares in their offshore wind joint venture i.e. MVOW

Vestas and Mitsubishi Heavy Industries (MHI) have closed the agreement to expand their partnership in sustainable energy. By closing the agreement, Vestas has acquired MHI’s shares in the MHI Vestas Offshore Wind (MVOW) joint venture, while MHI has acquired 2.5 percent in Vestas and will be nominated to a seat in Vestas’ 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. Since we divested our offshore business back in 2013, we have had a great partner in Mitsubishi Heavy Industries, which we were fortunate to visit a couple of weeks ago, and it is with great pride that we today embark on a new journey together.”

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 February 1, 2021.

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Henrik Andersen, Group President and CEO of Vestas, said, “offshore wind is officially a full part of the Vestas family again, and 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.”

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

In October, we had first reported that the two firms had signed a preliminary agreement for Vestas to acquire MHI’s shares in the joint venture.

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Vestas is taking MHI’s 50 percent share of the MVOW joint venture against 5,049,337 shares in Vestas that will be issued at closing of the transaction, corresponding to 2.5 percent of Vestas’ nominal share capital after the capital increase. The transaction has a value of approximately EUR 709 million, as per recent market estimates.