Kromann Reumert advises Mitsubishi Heavy Industries on sustainable energy partnership with Vestas
Mitsubishi Heavy Industries, Ltd (MHI) and Vestas Wind Systems A/S (Vestas) amend and expand partnership in sustainable energy.
MHI is a leading global manufacturing and engineering firm and Vestas is a world leader in sustainable energy solutions. The strengthened partnership entails that Vestas has acquired MHI's 50 percent share of the MHI Vestas Offshore Wind (MVOW) joint venture and MHI has acquired 2.5 percent in Vestas. An MHI appointee will be nominated to a seat in Vestas’ Board of Directors.
Through the strengthened partnership, the two companies aim to meet customer needs across a wider range of the value chain and increase their global leadership in sustainable energy solutions. To that end and underlining the long-term goal of the agreement, Vestas and MHI also plan to collaborate in green hydrogen and have agreed to establish a joint venture in Japan to secure accelerated growth for onshore and offshore wind energy.
The transaction has a value of approx. EUR 709m, based on the volume-weighted average of the price for shares in Vestas as quoted on Nasdaq Copenhagen for the last five days up to and including 28 October 2020.
Signing of the transaction occurred on 29 October 2020 and closing of the transaction took place today, 14 December 2020.
Kromann Reumert has assisted the MHI team on all legal aspects of this transaction highlighting our strong focus and expertise in the renewable energy sector.
Read the joint MHI/Vestas signing press release.
Read MHI's closing press release.