EU Nods to MHI Vestas Offshore Switch

The European Commission has approved the transaction through which Vestas will take full ownership of MHI Vestas Offshore Wind.

Back in October, Vestas and Mitsubishi Heavy Industries signed an agreement where Vestas would acquire MHI’s 50 per cent share of the MHI Vestas joint venture.

In exchange, MHI would receive shares corresponding to 2.5 per cent of Vestas’ nominal share capital after the capital increase, and a seat in Vestas’ Board of Directors.

The transaction is valued at around EUR 709 million and is expected to be closed before year-end.

Vestas said that the company aims to become the leading offshore turbine manufacturer by 2025.

To that end, the company plans to introduce a new offshore wind turbine platform to rival the double-digit megawatt models currently on the market.

MHI Vestas is expected to report a consolidated revenue of approximately EUR 1.4 billion for 2020, with an EBIT margin of around four per cent.