Vestas confirmed today that its offshore wind joint venture with Mitsubishi Heavy Industries (MHI) has received final approval from the Chinese competition authorities.
Consequently, all relevant approvals from both European and Asian competition authorities have now been received and final closing of the joint venture is expected to take place in the beginning of the second quarter of 2014. The European Commission approved the joint venture at the beginning of this month .
Last year , Vestas and MHI agreed to form a joint venture, which will be headquartered in Aarhus, Denmark. The joint venture will be in charge of development and supply of offshore wind turbines.
Equity ownership ratios between the two companies will be 50:50, with an option for MHI to change the ownership ratio to 51 per cent for MHI and 49 per cent for Vestas in April 2016.
Source: Vestas, February 28, 2014; Image: Vestas