Vestas, Mitsubishi Heavy Industries finalize offshore business partnership agreement

Vestas (Aarhus, Denmark), and Mitsubishi Heavy Industries, Ltd. (MHI, Tokyo, Japan), have closed the agreement to expand both company’s partnership in sustainable energy, which was originally announced on Oct. 29, 2020. 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% in Vestas and will be nominated to a seat in Vestas’ Board of Directors.

“Welcoming offshore wind energy 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,” says Bert Nordberg, chairman of the Board of Vestas. “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 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 organizational integration by Feb. 1, 2021.

“Today, 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,” adds Henrik Andersen, Group president and CEO of Vestas. “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 and accelerate the energy transition.”

In addition to the organizational integration of Vestas and MHI Vestas Offshore Wind, and the creation of a shared culture embracing the energy transition, Vestas and MHI will continue setting up a joint venture for wind energy in Japan as well as explore the partnership within green hydrogen.

As part of the integration process, Vestas also announces the new roles for selected senior leaders from the joint venture. As of Feb. 1, 2021, Johnny Thomsen, currently CEO of MHI Vestas Offshore Wind, will become Group senior VP, head of Global Offshore Commercial, reporting to Vestas’ Chief Sales Officer, Juan Araluce, while Flemming Ougaard, currently head of Global Offshore Service and Construction, will become SVP, head of Global Offshore Service and Construction, reporting to Juan Araluce and Vestas’ Chief Service Officer, Christian Venderby.