Vestas and Mitsubishi Heavy Industries (MHI) have closed the agreement that will see Vestas acquire MHI’s share in joint venture MHI Vestas Offshore Wind.
The deal will also see MHI acquire a 2.5 percent share in Vestas and secure a seat on the Danish turbine outfit’s board of directors.
Vestas said the closure of the agreement means the deal is now on track to complete by 1 February 2021, subject to approval by authorities.
“Welcoming offshore 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,” said Vestas’ board chairman Bert Nordberg.
“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 today embark on a new journey together.”
Vestas chief executive Henrik Andersen said he hopes the deal will pave the way for the company to take a more dominant position in the offshore wind market.
“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 overall and accelerate the energy transition”.
Vestas has also announced new roles for senior leaders as part of the deal.
From 1 February current MHI Vestas chief executive Johnny Thomsen will become group senior vice president, head of global offshore commercial, reporting to Vestas’ chief sales officer, Juan Araluce.
Current head of global offshore service and construction Flemming Ougaard, will become senior vice president head of global offshore service and construction.
Ougaard will report to Juan Araluce and Vestas’ chief service officer, Christian Venderby.