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Vestas Yield Drops After Mitsubishi Heavy Deal: Copenhagen Mover

The yield on Vestas Wind Systems A/S’s bond fell to its lowest in more than two years in Copenhagen trading after the Danish turbine maker formed a partnership with Mitsubishi Heavy Industries Ltd.

The yield on Vestas’ 600 million-euro ($810 million) 4.625 percent bond due 2015 dropped 21 basis points to 5.07 percent at 10:44 a.m. today, the lowest since July 18, 2011, according to Composite Bloomberg Bond Trader prices. Vestas’s stock rose as much as 13 percent.

Vestas said today it will form a joint venture with the Tokyo-based company to design, procure, build and sell offshore wind power plants. Mitsubishi Heavy will inject 100 million euros into the venture, and another 200 million euros based on milestones. The deal will boost Vestas’s cash position by about 60 million euros, the Aarhus, Denmark-based company said.

The partnership “offloads a potentially significant financial burden” for Vestas, Justin Wu, Bloomberg New Energy Finance’s head of wind analysis, said in an e-mail.

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