Vestas and Mitsubishi Heavy Industries close partnership agreement

Source: press release, 14 December 2020

Vestas Group President and CEO, Henrik Andersen
Vestas Group President and CEO, Henrik Andersen (photo: Vestas)

Vestas and Mitsubishi Heavy Industries, Ltd. (MHI) have closed the agreement to expand their partnership in sustainable energy, ref. Company Announcement no. 33/2020 of 29 October 2020. By closing the agreement, Vestas has acquired MHI’s shares in the MHI Vestas Offshore Wind (MVOW) joint venture, while MHI has acquired 2.5% in Vestas and will be nominated to a seat in Vestas’ Board of Directors.

Bert Nordberg, Chairman of the Board of Vestas, says, “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.”

With the agreement approved by relevant authorities and closed by the involved parties, the integration of Vestas and MHI Vestas Offshore Wind can now accelerate, with the aim to complete the organisational integration by 1 February 2021.

Henrik Andersen, Group President and CEO of Vestas, says, “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.”

In addition to the organisational integration of Vestas and MHI Vestas Offshore Wind and the creation of a shared culture embracing everyone who wants to accelerate the energy transition and live by the Vestas values of Passion, Accountability, Simplicity and Collaboration, Vestas and MHI will continue setting up a joint venture for wind energy in Japan as well as explore the partnership within green hydrogen.

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 1 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.