Vestas and Mitsubishi Heavy Industries Ltd have announced that they have formed a joint venture to cater the offshore
wind market.
As part of the venture Vestas will transfer the development of the
V164-8.0 MW, the V112 offshore order book, existing offshore service
contracts and approx 300 employees to the JV and Mitsubishi will inject EUR 100m
in cash into the JV and will inject another EUR 200m based on certain
milestone achievements reflecting the natural early product life cycle
of the V164 turbine.
Also as part of the JV it has been agreed between the
parties that Vestas is contracted by the JV to finalise the planned
development of the V164-8.0 MW on behalf of the JV. Vestas
and MHI will also give various services to the JV.
The JV will start its
business with the current V112 offshore and the V164-8.0 MW turbines. At
a later stage, the JV will explore the possibilities of integrating the
MHI hydraulic DDT technology into the 8 MW platform which would make
the JV positioned to offer a product line-up variety that best suits
customer demands.
The head office of the JV will be located in Aarhus, Denmark, from where the company will handle all aspects from design, further development, procurement and manufacturing related to the V164-8.0 MW turbine as well as all marketing, sales and after-sales service related to offshore wind. Vestas will continue to manufacture and supply the V112 turbines which the JV will offer for offshore projects.
