Global turbine leader Vestas has taken sole control of its offshore wind joint venture, a move that says a lot about Vestas' current standing in the sector — and even more about where wind power is headed.
The €700 million ($814 million) all-stock deal revealed last week will give Mitsubishi Heavy Industries (MHI) a 2.5 percent stake in Vestas, while MHI Vestas will be folded into Vestas effective immediately.The goal is for Vestas to lead in market share in the fast-growing global offshore wind turbine space by 2025, Vestas CEO Henrik Andersen said during a Thursday conference call with investors to discuss the transaction.
To seize that title from Siemens Gamesa, Vestas will launch a new technology platform for the next generation of the company's offshore wind turbines. “We won’t achieve market leadership with the current turbine," Andersen noted.
Vestas reports its third-quarter results later this week. That conference call will offer a glance at what its investors make of the move, plus perhaps coloring in some additional detail.
To seize that title from Siemens Gamesa, Vestas will launch a new technology platform for the next generation of the company's offshore wind turbines. “We won’t achieve market leadership with the current turbine," Andersen noted.
Vestas reports its third-quarter results later this week. That conference call will offer a glance at what its investors make of the move, plus perhaps coloring in some additional detail.
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