The JV will combine Vestas’ and MHI’s current capabilities within offshore wind turbines.

Vestas will transfer the development of the V164-8.0 MW, the V112 offshore order book, existing offshore service contracts and around 300 employees to the JV, while MHI will invest €100 million and will inject another €200 million based on certain milestone achievements reflecting the natural early product life cycle of the V164 turbine.

As part of the JV, it has been agreed between the parties that Vestas is contracted to finalise the planned development of the V164-8.0 MW. The companies will begin business with the current V112 offshore and the V164-8.0 MW turbines, and, at a later stage, they will explore the possibilities of integrating the MHI hydraulic DDT technology into the 8 MW platform.

The companies say that the JV will be well-positioned to win an expanding share of the offshore wind turbine market and become a global leader in this attractive and high-growth market.

The transaction is expected to close around the end of March 2014.