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MHI Vestas appoints new chief

By: Tom Russell 29/10/2020 MHI Vestas Offshore Wind A/S

General Windfarms

Mitsubishi Heavy Industries (MHI) and Vestas Wind Systems (Vestas) have appointed Johnny Thomsen as CEO of MHI Vestas Offshore Wind A/S, taking over from Philippe Kavafyan, who has left the company after two and half years as CEO.

From today (29 October 2020), executive management of MHI Vestas Offshore Wind A/S therefore consists of Johnny Thomsen, CEO of MVOW; Tatsuichiro Honda, Co-Chief Executive Officer and Chief Financial Officer of MVOW; Kentaro Hosomi, Deputy Chairman of MVOW and CEO, Energy Systems, MHI; and Henrik Andersen, Chairman of MVOW and Group President and CEO of Vestas.

MHI Vestas designs, manufactures, installs and services wind turbines for the offshore wind industry. The company is active across Europe, maintaining manufacturing facilities in both Denmark and the UK, as well as installing, operating and servicing projects in Belgium, Denmark, Germany, the Netherlands, Portugal, Sweden and the UK.

MHI Vestas also announced today that it has signed an agreement with Vestas Wind Systems A/S (Vestas) to expand their partnership. As part of the agreement, Vestas will acquire MHI’s 50 percent share of the MHI Vestas Offshore Wind (MVOW) joint venture against 5,049,337 shares in Vestas that will be issued at closing of the transaction, corresponding to 2.5 percent of Vestas nominal share capital after the capital increase.

The transaction has a value of approx. EUR 709m, based on the volume-weighted average of the price for shares in Vestas as quoted on Nasdaq Copenhagen the last five days up to and including 28 October 2020. Following a decision made today by the Board of Directors of Vestas, and subject to completion of the transaction, the share capital of Vestas will be increased by a nominal value of DKK 5,049,337, divided into shares of DKK 1 each. The transaction is expected to close within either the fourth quarter of 2020 or the first quarter of 2021.

Through the strengthened partnership, Vestas aims to become a leading player in offshore wind by 2025, and to expand the two companies’ overall leadership in sustainable energy. A new offshore wind turbine platform will also be imminently introduced with the aim of improving efficiency and drive the levelised cost of energy further down. The companies also aim to meet customer needs across a wider range of the value chain and increase their global leadership in sustainable energy solutions. To that end, and underlining the long-term goal of the agreement, Vestas and MHI will also plan to collaborate on green hydrogen, in addition to a joint venture in Japan to secure accelerated growth for onshore and offshore wind energy.

Henrik Andersen, Group President and CEO of Vestas, said: “Vestas is the leader in onshore wind, but to accelerate the energy transition and achieve our vision we must play a larger role in offshore wind. On behalf of all of Vestas, I’m therefore very excited that Mitsubishi Heavy Industries shares Vestas’ vision to become a leading player in offshore wind energy in the long term and will strengthen our partnership by becoming a large shareholder and part of Vestas’ Board of Directors. Offshore wind is key to creating a sustainable planet for future generations and offers unique growth, and with today’s announcement we underline that we want to be an integral part of both”.

Seiji Izumisawa, President and CEO of MHI, commented: “We are very pleased to be able to expand our cooperation and collaboration with Vestas, now more than ever, under the backdrop of increasing need for cleaner and more economical energy worldwide. We will continue to strengthen business cooperation by leveraging our respective strengths to support the growth of clean energy around the world, especially in Japan “.

In Japan, the two companies will establish a joint venture for sales of onshore and offshore wind power turbines and Vestas will as part of the collaboration plan for establishing parts of its regional supply chain and production in Japan should market volume and cost-competitiveness allow.

On a stand-alone basis, MVOW is expected to report a consolidated revenue for 2020 of approx. EUR 1.4bn, with an EBIT margin of around 4 percent.

For more information on offshore wind turbine manufacturers, click here.

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MHI Vestas appoints new chief

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