Vestas, Mitsubishi Heavy team up in offshore wind drive

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Denmark's Vestas Wind Systems has agreed a joint venture with Japan's Mitsubishi Heavy Industries for offshore wind turbines, adding financial muscle to its attempts to catch up with rivals in a sector viewed as the future of wind power.

The deal is the first by Vestas' new chief executive Anders Runevad, who joined in August from Swedish telecoms equipment group Ericsson with a brief to turn round the loss-making firm, although it was under discussion for over a year.

Vestas has been hit hard by cuts in subsidies for renewable energy by cash-strapped governments, and has fallen behind deeper-pocketed rivals such as Germany's Siemens in the small, but fast-growing offshore wind power market.