EnergyWatch

Vestas CEO: It became merely a question of price

It's far from a market-leading operation of which Vestas now acquires full ownership, but the CEO now wants to look ahead to a growing market rather than dwelling on the past. A new and more competitive wind turbine is meant to help retake the lead.

Photo: vestas

Why on Earth would Mitsubishi Heavy Industries sell off its half stake in MHI Vestas at this particular time? That basic yet also very legitimate question was also posed at the end of an investor teleconference held late Thursday morning following the announcement that the Danish wind major is acquiring full ownership of the offshore OEM in return for the Japanese group gaining a equity position in Vestas.

At first glance, the timing might seem somewhat odd. While offshore was merely a marginal consideration only a few years back in small handful of European countries at the time when the Japanese group entered the joint venture, the technology now faces a major global breakthrough. As Vestas has reiterated several times in connection with the transaction, the market is projected to quadruple to 20 GW annually over the coming decade.

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