The joint venture is expected to be in place before the end of March in 2014. It will be located at a head office in Denmark and will consolidate MHI’s and Vestas’ current offshore wind turbine offerings.
Plans call for MHI to make an initial investment of $135.4 million; an additional $270.7 million investment will be carried out based on the venture’s actual business results after startup, making MHI the majority owner with a 51 percent stake. The joint venture will begin business with Vestas’ current 3 MW V112 and 8 MW V164 gear type wind turbines. Future plans call for an early market launch of a turbine based on the V164 platform and incorporating MHI’s new hydraulic drivetrain.