Mitsubishi Heavy, Vestas Form Japan JV

Monday, February 1, 2021

MHI Vestas Japan, a joint venture between Japan's Mitsubishi Heavy Industries, and Danish wind turbine maker Vestas Wind Systems started operations on Monday.

The newly established joint venture is aimed at strengthening the two partners' collaboration in the field of renewable energies, mainly wind turbines, MHI said in a statement.

MHI Vestas Japan will be responsible for marketing onshore and offshore wind turbines in Japan.

" [The JV ] stands to benefit from the relationships of trust MHI Group has built with numerous customers through its power systems business, combined with Vestas's robust track record in wind turbine deliveries," Mitsubishi Heavy said.

MHI Vestas Japan's head office is located in Chiyoda-ku, in central Tokyo. Masato Yamada, former Asia Pacific Regional Manager of MHI Vestas Offshore Wind, will serve as CEO. Shareholding ratios in the new JV are MHI 70% and Vestas 30%.

Masato Yamada will lead the new company - Image Credit: MHI Vestas

In a statement on Monday, citing a Wood Mackenzie report, MHI said that in the wake of the Paris Agreement, global warming and climate change have become universally acknowledged issues that critically impact all humanity, ushering in a period calling for vast social changes, and that, against this backdrop, the global market for wind energy systems is expected to double over the next 10 years).

In Asia, which accounts for half of that demand, a cumulative mean growth rate of near 10% is projected, excluding China, MHI said.

The Japanese Government, MHI said, is calling for offshore wind energy to become a major source of power as the country pursues maximum use of renewable energies toward realizing a decarbonized society by 2050. 



On December 15, 2020, at a Public-private council with representatives from the private sector tasked with strengthening Japan's offshore wind power industry, the government and industry agreed on the following targets in their vision for the offshore wind power industry: 10 gigawatts by 2030, and between 30 and 45 gigawatts by 2040.

"With establishment of MHI Vestas Japan, MHI and Vestas look to build further on the technologies, experience, and trust established through the operations of MHI Vestas Offshore Wind. In addition to helping expand use of onshore and offshore wind power, the new JV will integrate the superior technological capabilities and abundant experience of its two parent partners, thereby accelerating global-scale initiatives toward decarbonization," MHI said.

Categories: Renewable Energy Industry News Activity Asia Renewables Offshore Wind

Related Stories

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

CNOOC Discovers ‘Vast Exploration Prospects’ in China’s Beibu Gulf Basin

Japan and South Korea Look to Partner Up with US for Alaska Pipeline

Six New Gas Wells in Line for BP’s Shah Deniz Field in Caspian Sea

ADNOC Secures LNG Supply Deal with India's BPCL

McDermott Concludes Work at PTTEP’s Kikeh Gas Field Off Malaysia

Petronas Preps for Sabah-Sarawak Gas Pipeline Decom Op

ADES’ Fourth Suspended Jack-Up Rig Gets Work Offshore Thailand

Current News

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com