The offshore wind joint venture between Vestas and Mitsubishi Heavy Industries (MHI) has received final approval from the Chinese competition authorities. The European Commission also recently issued a green light for the deal.
Consequently, all relevant approvals from both European and Asian competition authorities have now been received, and Vestas says it expects final closing of the joint venture to take place in the beginning of the second quarter of this year.
Vestas and MHI announced the JV in September 2013, and each company will hold a 50% interest. According to Vestas, the JV will combine the companies' current capabilities regarding the development of offshore wind turbines, and MHI is also slated to inject up to EUR 300 million in cash into the venture.