Vestas is reportedly in talks with Mitsubishi Heavy Industries (MHI) to develop an 8 MW offshore wind turbine, Bloomberg Businessweek reports.
In August, the companies confirmed that they were pursuing a "strategic cooperation," but they did not reveal details on what the partnership would entail. However, industry analysts speculated that the cooperation would likely involve sharing the costs of developing new technology.
According to the Bloomberg report, which cited Vestas Chief Financial Officer Dag Andresen, the financing Vestas received this week was part of the deal to develop the 8 MW machine.
Both Vestas and MHI have been struggling financially. Vestas has announced thousands of layoffs this year due to market uncertainty, and MHI has been trying to recover the costs incurred from legal disputes with GE.