MHI Vestas to open branch in Japan by 2018 - report

MHI Vestas Offshore Wind intends to open a branch in the promising market of Japan by 2018, the Nikkei Asian Review reports.

The company, based in Denmark, is a 50/50 joint venture between Vestas Wind Systems A/S (CPH:VWS) and Japan’s Mitsubishi Heavy Industries (TYO:7011). It is the developer of the most powerful offshore wind turbine in operation, namely the V164, which just recently received an upgrade to 9.5-MW capacity.

According to the report, MHI Vestas plans to station engineers and marketing staffers in Japan in order to establish a sales base for Asia. More regions in Asia are now considering offshore wind because of improvements in cost-effectiveness, MHI Vestas co-CEO Tetsushi Mizuno was quoted as saying.

Vestas said in February that its JV with Mitsubishi Heavy is expected to double its revenues over the next three years and break even at the pre-tax profit level by 2019. Last year, it got four firm orders totalling 910 MW.

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