MHI Retains 50% Stake in MVOW

Mitsubishi Heavy Industries, Ltd. (MHI) said it will maintain 50 percent ownership of MHI Vestas Offshore Wind A/S (MVOW).

MHI had announced a call option on September 27, 2013 to increase its investment in the equally-owned joint venture company with Denmark's Vestas (Vestas Wind Systems A/S (VWDRY)) in the offshore wind power business, but the company decided that maintaining a strong partnership and equal holding with Vestas would be in the best interests of the company and its continued growth.

The support of the parent companies has helped MVOW secure a large number of orders for offshore wind projects in Europe, and it has become one of the top suppliers in the booming offshore wind power market.