A new JV between Mitsubishi Heavy Industries (MHI) and Vestas to boost the marketing of onshore and offshore wind turbines in Japan is now operational.
MHI Vestas Japan has been established to strengthen the two partners’ collaboration in the field of renewable energies, mainly wind turbines.
It stands to benefit from the relationships of trust MHI Group has built with numerous customers through its power systems business, combined with Vestas’s robust track record in wind turbine deliveries.
MHI Vestas Japan’s head office is located in Chiyoda-ku, in central Tokyo.
Masato Yamada, former Asia Pacific Regional Manager of MHI Vestas Offshore Wind, will serve as chief executive.
Shareholding ratios in the new JV are MHI 70% and Vestas 30%.
In addition to helping expand use of onshore and offshore wind power, the new JV will integrate the technological capabilities and abundant experience of its two parent partners.
The global market for wind energy systems is expected to double over the next 10 years.
In Asia, which accounts for half of that demand, a cumulative mean growth rate of near 10% is projected, excluding China.
The Japanese Government too is calling for offshore wind energy to become a major source of power as the country pursues maximum use of renewable energies toward realizing a decarbonized society by 2050.
In December, the Japanese Government and industry agreed targets of 10GW by 2030, and between 30GW and 45GW by 2040.