Vestas and Mitsubishi Heavy Industries (MHI) have reached an agreement to extend their renewable energy partnership.
By closing the deal, Vestas acquired MHI’s shares in the MHI Vestas Offshore Wind (MVOW) joint venture, while MHI acquired 2.5 per cent in Vestas and will be elected to the Board of Directors of Vestas.
“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. 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.“Bert Nordberg, chairman of the board of Vestas.
With the agreement accepted by the responsible authorities and concluded by the parties concerned, the integration of Vestas and MHI Vestas Offshore Wind can now be accelerated, with the goal of completing the organizational integration by February 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. 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.”Henrik Andersen, group president and CEO of Vestas.
As part of the integration process, Vestas is also excited to announce the new roles for selected senior leaders from the joint venture. These include that per February 2021, Johnny Thomsen, currently CEO of MHI Vestas Offshore Wind, will become group senior vice president, head of global offshore commercial, reporting to Vestas’ chief sales officer, Juan Araluce, while Flemming Ougaard, currently head of global offshore service & construction, will become SVP, head of global offshore service & construction, reporting to Juan Araluce and Vestas’ chief service officer, Christian Venderby.