MHI Transfers Shareholding in Offshore Wind Turbine JV to Vestas, Acquires Vestas Shares

Mitsubishi Heavy Industries, Ltd. (MHI) today transferred its total shareholding in the MHI Vestas Offshore Wind (MVOW) joint venture with Vestas Wind Systems A/S (Vestas), equal to a 50% shareholding ratio, to Vestas. The transfer was carried out through MHI Holding Denmark ApS, an MHI subsidiary. Simultaneously MHI newly acquired approximately 5 million shares in Vestas, equivalent to 2.5% ownership. As a result, MHI becomes a shareholder in Vestas, and Kentaro Hosomi, President and CEO in charge of Energy Systems at MHI, is expected to be nominated to become a Director at Vestas at the company’s next Annual General Meeting. In tandem with these moves, preparations are now underway at MHI to establish a joint venture to market onshore and offshore wind turbines in Japan. Plans call for the JV to be set up before the end of the current fiscal year (March, 31, 2021), with MHI as majority shareholder. By strengthening their partnership at this time, MHI and Vestas will continue to implement broad-reaching steps to expand their leadership in the field of sustainable energy going forward.