Vestas and Mitsubishi Heavy Industries (MHI) have finalised an agreement that will see Vestas acquire MHI’s stake in an offshore joint venture.

MHI will acquire 2.5% in Vestas and secure a seat on the firm’s board of directors.

Vestas confirmed that the integration of the company with MHI Vestas Offshore Wind will finish by 1st February 2021.

Bert Nordberg, Chairman of the Board of Vestas, said: “Welcoming offshore back is the beginning of a new chapter in Vestas’ history, offering strong growth opportunities towards 2030 and further acceleration of the deployment of renewable energy.”

Henrik Andersen, Group President and Chief Executive Officer of Vestas, said: “The immediate priority for us will be to integrate offshore into our operating model, which together with a leading offshore product platform and continued focus on execution will enable us lead the industry overall and accelerate the energy transition”.