European Commission OKs Vestas-MHI Offshore Wind Joint Venture

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Under EU merger regulation, the European Commission has approved the offshore wind joint venture (JV) between Vestas and Mitsubishi Heavy Industries (MHI).

According to the commission, ‘[T]he proposed acquisition would not raise competition concerns, in particular because there are only minimal overlaps between the activities carried out by the parties.’

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.

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