EnergyWatch

MHI Vestas shifts strategic focus

Despite revenue growing eight times its former size, Vestas is still losing money on its offshore wind venture. But the plan is to turn things around this year.

During 2017, MHI Vestas had a solid hold on the European market. Besides completing the projects Rampion and Nobelwind with turbines from the Vestas 4 MW platform, the joint venture's large V164 machine made its first major debut in the North Sea at the Blyth, Burbo Bank and Walney farms. Even though competitors from Siemens Gamesa remain far ahead, this added up to a market share of 27 percent last year, according to WindEurope.

Yet this has not meant major returns to the owners of MHI Vestas. Vestas owns 50 percent of the joint venture and in the Danish manufacturer's 2017 annual report, the result from the investment came to a loss of EUR 50 million on a standalone basis. However, this result is better than in 2016 where Vestas lost EUR 69 million according to the same measurement.

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