MHI chooses not to take control of offshore wind JV with Vestas
Image by MHI Vestas (http://www.mhivestasoffshore.com).
Japan’s Mitsubishi Heavy Industries (TYO:7011) has decided not to make use of its right to take control of its 50/50 offshore wind joint venture with Denmark’s Vestas Wind Systems A/S (CPH:VWS).
The two companies agreed the creation of the JV, known as MHI Vestas Offshore Wind A/S, in September 2013. Under the terms of that deal, Mitsubishi Heavy Industries has the chance to increase its interest in the joint firm to 51% in April 2016. However, it has chosen not to do so.
Commenting on the decision, Michisuke Nayama, president and CEO of the Energy & Environment segment at Mitsubishi Heavy Industries, said the company believes that keeping the current ownership structure is the best way to support the further development of the business.
Vestas’ head Anders Runevad, in turn, added that the exact ownership structure “has no real impact on the day-to-day running of the business”.