Global leading wind turbine manufacturer Vestas has taken full ownership of its offshore turbine JV, MHI Vestas.
The company revealed Thursday that it has acquired Mitsubishi Heavy Industries’ half of the offshore business. MHI will take a 2.5 percent stake in Vestas and a seat on the board in return. The all-stock deal is valued at around €709 million ($832 million).
Vestas is also targeting market-leading status in offshore wind by 2025 and will launch a new technology platform “imminently” in order to do so.
“We won’t achieve market leadership with the current turbine,” said Henrik Andersen, group president and CEO of Vestas, during an analyst call.
Siemens Gamesa has become the market leader for offshore wind turbines. In May it revealed a new 14 MW turbine. GE’s Haliade-X platform, now scaled up to a 13-megawatt turbine, has provided it with fresh impetus in the offshore sector too.
MHI Vestas’ largest turbine is currently rated at 10 MW. In a statement, the company said the new tech would “improve efficiency and drive the levelized cost of energy further down.”
Vestas also said it would be eying savings and synergy in “sales, technology, manufacturing footprint and procurement to sustain customer relationship [and] lower costs.”
“When we’re sitting with two entities, we’re not going to maximize the value creation,” Andersen said on the call with analysts and investors.
Work on that integration begins immediately and Andersen said efforts on bringing together procurement is also underway now the acquisition is public. That process will accelerate once the deal closes, which is expected in Q4 2020 or Q1 2021.
Vestas and MHI will create a sales JV for both on and offshore turbines in the Japanese market.
Vestas eyes offshore wind’s rapid growth
Global offshore wind deployment is poised for growth with the biggest markets getting bigger and a raft of demand emerging in new locations too. Data released by trade body RenewableUK shows the offshore wind pipeline swelling by 50 percent during 2020.
Developer Ørsted is tracking as much as 30 GW of tenders in the next 15 months. Asia-Pacific is building momentum in Japan, Taiwan and South Korea. The U.S. will host seven tenders during that period. The largest end-market so far, the U.K., has committed to deploying 30 GW on its own between now and 2030. It currently has an installed capacity of around 10 GW.
“We’re very well localized and taking orders in Taiwan,” said Andersen. “We’re well-positioned in Europe on the Isle of Wight [off the south coast of England] and I’m sure as the U.K. expands we can take advantage of the localization there.”
More to follow…
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October 29, 2020 at 04:48PM
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