Vestas, Mitsubishi form offshore wind joint venture

Vestas Wind Systems (VWDRY.PK) forms an offshore wind joint venture with Mitsubishi Heavy Industries (MHVYF.PK), sealing a deal that has been in the making for more than a year.

Mitsubishi is expected to provide the venture with an immediate €100M ($135M) cash injection, followed by another €200M if certain targets are met.

Vestas will transfer the development of its V164-8.0 MW turbine, its V112 turbine offshore order book, existing offshore service contracts and ~300 employees to the venture.

The deal should ease some of the fears about Vestas' financial health and ability to compete in the market for offshore wind turbines with competitors with deeper pockets such as Siemens (SI).

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs