New offshore joint venture
Mitsubishi Heavy Industries (MHI) and Vestas Wind Systems AS have set up a new joint-venture (JV) company dedicated to business in offshore wind turbines.
The two companies say the aim is to combine their strengths to enable the new company to become a global leader in the offshore wind turbine market, which is expected to grow rapidly in the coming years.
MHI will make an initial investment of €100m and an additional €200m investment will be made based on the company’s business results after start-up, making MHI the majority shareholder (51%).
From a head office in Aarhus, Denmark, the company will handle all aspects from development, design, procurement and manufacturing to marketing and after-sale servicing.
The JV will start business with Vestas’ current 3 MW and 8 MW gear type wind turbines.
Plans have been made for an early market launch of a turbine based on the V164 platform which incorporates MHI’s new hydraulic drivetrain, the Digital Displacement Transmission (DDT).
The new company, which is expected to be launched by March 2014, will take over MHI’s and Vestas’ current operations in offshore wind turbines.
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