Under the terms of the agreement, Mitsubishi will invest €100m in the joint venture, while Vestas will provide €200m, depending on certain project milestones.
Vestas will transfer the development of the V164-8MW turbine, the order book for its V112 offshore turbine, existing offshore service contracts and around 300 employees to the JV.
The initial work will focus on the roll out of Vestas’ V112 offshore and the 8MW turbines.
In future, the joint venture will also integrate Mitsubishi’s hydraulic DDT technology into the 8MW turbine in order to expand its product range.
The joint venture will be located in Aarhus, Denmark.
Currently, ownership is 50:50. However, MHI has an option to acquire 51% of the company.
