Skip to content
Subscriber Only

Vestas Gains on Mitsubishi Heavy Deal for Offshore Wind

Vestas Wind Systems A/S, the Danish turbine maker that’s been unprofitable for two years, agreed to form a venture to develop offshore wind energy with Mitsubishi Heavy Industries Ltd. Vestas’s shares surged.

The venture will start in March 2014 and be equally owned by each company. It will design, procure, build and sell offshore wind power plants, Mitsubishi Heavy said in a statement to the Tokyo Stock Exchange today. Mitsubishi has an option to expand its share to 51 percent in April 2016.