• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Corporate News
  • Generation
  • Oil & Gas
  • Regulation
  • Renewable
    • Climate
    • Solar
    • Wind
  • Storage
  • Tech
  • T & D
Energy News Desk Logo

Energy News Desk

Energy News and Data

Vestas, MHI Sign Agreement to Strengthen Sustainable Partnership

October 29, 2020 by NA Windpower

Vestas Wind Systems A/S and Mitsubishi Heavy Industries Ltd. (MHI) have signed an agreement in which Vestas will acquire MHI’s shares in the MHI Vestas Offshore Wind (MVOW) joint venture, against MHI acquiring 2.5% in Vestas and being nominated to a seat in Vestas’ board of directors, thus strengthening the partnership within sustainable energy between the two companies.

Vestas is to acquire MHI’s 50 shares of the MVOW joint venture against 5,049,337 shares in Vestas that will be issued at closing of the transaction, corresponding to 2.5% of Vestas’ nominal share capital after the capital increase. Subscription and payment of the new shares shall be made by MHI Denmark at the date of completion of the transaction, but no later than 12 months after the date of the decision by the board of directors to issue the shares. 

The share issue will be made pursuant to applicable exemptions from the obligation to publish a prospectus as a directed issue and private placement at market value and without pre-emption rights for Vestas’ existing shareholders.

Vestas’ planning of the expected integration of MVOW into the Vestas group will commence immediately and run until transaction closing, focusing on synergies in sales, technology, manufacturing footprint and procurement to sustain customer relationships, lower costs and build a strong shared Vestas culture. 

Until transaction closing, the executive management of MVOW will consist of Johnny Thomsen, CEO of MVOW, Tatsuichiro Honda, co-CEO and CFO of MVOW, Kentaro Hosomi, deputy chairman and CEO of MHI energy systems for MVOW and Henrik Andersen, chairman of MVOW and group president and CEO of Vestas.

On a stand-alone basis, MVOW is expected to report a consolidated revenue for this year of approxomately €1.4 billion – with an EBIT margin of around 4%.

Closing of the transaction is expected to take place within either the fourth quarter of this year or the first quarter of 2021.

Photo Source

Original source: North American Wind Power

Filed Under: Renewable, Wind

Primary Sidebar

Join The Daily Charge

This week's top 5 stories in your inbox. No spam ever.

Trending

  • Offshore Wind Industry Needs 77,000 Trained Workers by 2024
  • NV Energy Receives PUCN Approval for Solar+Storage Projects
  • Solar Support Launches Predictive, Corrective Inverter Program
  • Vestas Unveils 15 MW Offshore Wind Turbine
  • Firestone Walker Brewing Taps Solar to Power Operations
  • GE Researchers Granted Access to the Summit Supercomputer
  • Magnet-controlled bioelectronic implant could relieve pain
  • Hecate Energy Selects Ideematec’s Solar Trackers for Newberry Solar Project
  • Anumar Names Delta as String Inverter Supplier for German PV Project
  • eia.gov logo EIA now estimates biodiesel production and consumption by state

Footer

Trending

  • Offshore Wind Industry Needs 77,000 Trained Workers by 2024
  • NV Energy Receives PUCN Approval for Solar+Storage Projects
  • Solar Support Launches Predictive, Corrective Inverter Program
  • Vestas Unveils 15 MW Offshore Wind Turbine
  • Firestone Walker Brewing Taps Solar to Power Operations

Recent

  • Quick Tips To A Sustainable Future
  • Stem Provides Smart Energy Storage Solutions to Today’s Power
  • EIA's AEO2021 shows U.S. energy-related CO2 emissions rising after the mid-2030s
  • Homeowners associations still a barrier for some would-be solar customers
  • Commentary: With open standards, U.S. can build EV charging infrastructure faster

Search

Contact Us

Write For Us

  • Email
  • Facebook
  • Twitter

Copyright © 2023 · EnergyNewsDesk.com