1. English Edition

Vestas, Mitsubishi Heavy Industries Form Offshore Wind JV

Vestas, Mitsubishi Heavy Industries Form Offshore Wind JV
dj
Παρ, 27 Σεπτεμβρίου 2013 - 18:04
Danish wind turbine manufacturer Vestas Wind Systems A/S (VWS.KO) said Friday it formed an offshore wind joint venture with Mitsubishi Heavy Industries Ltd. (7011.TO), sealing a deal that has been in the making for over a year, as the companies try to carve out a niche product line in the fast-growing offshore market.
Danish wind turbine manufacturer Vestas Wind Systems A/S (VWS.KO) said Friday it formed an offshore wind joint venture with Mitsubishi Heavy Industries Ltd. (7011.TO), sealing a deal that has been in the making for over a year, as the companies try to carve out a niche product line in the fast-growing offshore market.

Vestas will transfer the development of its V164-8.0 MW turbine, its V112 turbine offshore order book, existing offshore service contracts and around 300 employees to the venture, while Mitsubishi Heavy Industries will inject 100 million euros ($135 million) in cash into the venture immediately, plus a further EUR200 million based on certain milestone achievements.

"Leveraging on the respective strengths of each organization, the JV will be well positioned to win an expanding share of the offshore wind-turbine market and become a global leader in this attractive and high-growth market," Vestas said in a statement.

Senior figures from both companies will run the joint venture, with Vestas' president of its Asia Pacific and China unit, Jens Tommerup, taking the role of chief executive.

Each company will own 50% of the venture, but Mitsubishi Heavy Industries will have an option to increase its ownership stake to 51% with Vestas dropping to 49% in April 2016.

Vestas said it doesn't see any financial impact on its 2013 accounts from the venture, with only a marginal impact on 2014 earnings, though it does expect a EUR40 million gain from the transaction at closing, which is expected at the end of March 2014.

Any capital expenditure related to the development of the V164-8.0 MW turbine after Sept. 1, 2013 will be reimbursed to Vestas by the JV following closing.

The head office of the JV will be located in Aarhus, Denmark.

Vestas shares closed Thursday at 133.10 Danish krone, valuing the company at DKK27.11 billion ($4.9 billion).

Διαβάστε ακόμα