Feb 02, 2021 11:54 JST

Source: Mitsubishi Heavy Industries, Ltd.

Operations Get Underway at MHI Vestas Japan Co., Ltd.

TOKYO, Feb 02, 2021 - (JCN Newswire) - Operations got underway has at MHI Vestas Japan Co., Ltd., a joint venture between Mitsubishi Heavy Industries, Ltd. (MHI) and Vestas Wind Systems A/S (Vestas) of Denmark newly established to strengthen the two partners' collaboration in the field of renewable energies, mainly wind turbines. The new JV will take charge of marketing onshore and offshore wind turbines in Japan. It stands to benefit from the relationships of trust MHI Group has built with numerous customers through its power systems business, combined with Vestas's robust track record in wind turbine deliveries.

 


MHI Vestas Japan's head office is located in Chiyoda-ku, in central Tokyo. Masato Yamada, former Asia Pacific Regional Manager of MHI Vestas Offshore Wind, will serve as CEO. Shareholding ratios in the new JV are MHI 70% and Vestas 30%.

In the wake of the Paris Agreement, global warming and climate change have become universally acknowledged issues that critically impact all humanity, ushering in a period calling for vast social changes. Against this backdrop, the global market for wind energy systems is expected to double over the next 10 years(1). In Asia, which accounts for half of that demand, a cumulative mean growth rate of near 10% is projected, excluding China.

The Japanese Government too is calling for offshore wind energy to become a major source of power as the country pursues maximum use of renewable energies toward realizing a decarbonized society by 2050. On December 15, 2020, at a Public-private council with representatives from the private sector tasked with strengthening Japan's offshore wind power industry, the government and industry agreed on the following targets in their vision for the offshore wind power industry: 10 gigawatts by 2030, and between 30 and 45 gigawatts by 2040. As these figures indicate, significant growth in this industry is anticipated.

With establishment of MHI Vestas Japan, MHI and Vestas look to build further on the technologies, experience and trust established through the operations of MHI Vestas Offshore Wind. In addition to helping expand use of onshore and offshore wind power, the new JV will integrate the superior technological capabilities and abundant experience of its two parent partners, thereby accelerating global-scale initiatives toward decarbonization.

(1) Source: Wood Mackenzie Global Wind Power Market Outlook Update: Q4 2020

Source: Mitsubishi Heavy Industries, Ltd.
Sectors: Alternative Energy

Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Related Press Release


MHI Concludes Positive Impact Finance Agreement
March 29 2024 18:20 JST
 
Mitsubishi Shipbuilding Receives Order from the University of Tokyo for "MiPoLin" Power Prediction and Lines Selection System
March 28 2024 15:45 JST
 
Mitsubishi Logisnext Completes Demonstration of Automated Truck Loading, Leading to Start of Actual Operations in Japan
March 28 2024 12:52 JST
 
Mitsubishi Power Achieves #1 Global Gas Turbine Market Share in 2023
March 15 2024 17:34 JST
 
MHI Establishes GX Solutions Business Domain to Promote Energy Transition Business Growth Strategy
March 14 2024 12:30 JST
 
MHI Selected as Licensor of CO2 Capture Technology for Leading Low Carbon Hydrogen Production Project in Cheshire, UK
March 13 2024 10:30 JST
 
MHI Thermal Systems to Launch 31 Models of Residential-use Air-Conditioners for the Japanese Market in 2024
March 11 2024 15:35 JST
 
MHI Develops an Onboard AI-Based Object Detector Utilizing a Next-Generation Space-Grade MPU
March 06 2024 17:02 JST
 
MHI Thermal Systems to Add "Hydrolution PRO" Series of Air-cooled Heat Pump Chillers to its Product Lineup for the European Market
March 06 2024 16:05 JST
 
Mitsubishi Heavy Industries Invests in Fervo Energy, a US-Based Enhanced Geothermal System Startup
March 01 2024 20:10 JST
 
More Press release >>

Latest Press Release


More Latest Release >>