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4-Traders Homepage  >  Equities  >  Tokyo  >  Mitsubishi Heavy Industries Ltd    7011   JP3900000005

MITSUBISHI HEAVY INDUSTRIES LTD (7011)
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British wind farm first to secure MHI Vestas' record 9.5 MW turbines

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09/18/2017 | 05:40pm CEST

OSLO (Reuters) - A consortium planning to build Britain's Triton Knoll offshore wind park will buy 90 giant turbines from MHI Vestas, it said on Monday, in what the maker said was the first announced deal for its record 9.5 megawatt (MW) capacity product.

A final investment decision for the wind park, in Britain's North Sea, is likely in 2018 with full onshore construction starting shortly after, and offshore construction starting in 2020, it added.

The 9.5 MW turbine, made by a joint venture between Japan's Mitsubishi Heavy Industries (>> Mitsubishi Heavy Industries Ltd) and Denmark's Vestas (>> Vestas Wind Systems), has the world's largest capacity, designed to challenge an 8.0 megawatt turbine by Siemens Gamesa (>> Siemens Gamesa Renewable Energy), the market leader in the growing offshore market.

"This is the first announced project," for MHI Vestas' new turbine, a company spokesman told Reuters.

He couldn't confirm if Triton Knoll will be the first wind farm to actually use the product though. Asked if there are more deals under negotiation, he declined further comment.

MHI Vestas is targeting Britain and continental Europe to sell its 9.5 MW megaturbine, for projects "particularly in the North Sea," added the spokesman.

A skyscraper turbine of this size, towering at just below 200 metres in total, can deliver power to about 8,300 British homes, MHI Vestas data show.

Both MHI Vestas and Triton Knoll refused to disclose the value of the contract.

The world's three leading offshore wind operators - DONG Energy (>> DONG Energy), EnBW (>> Enbw Energie Baden Wuerttemberg AG) and Vattenfall - all told Reuters they were eyeing megaturbines to adapt to dwindling government handouts.

Germany's Innogy (>> Innogy SE) and Norway's Statkraft [STATKF.UL] won a public tender for the 860 megawatt Triton Knoll offshore wind project earlier this month, with a 50-50 joint venture.

Norway's Statkraft is going to divest its shareholding in the project before an investment decision is made, a company spokesman told Reuters.

Statkraft has repeatedly said it would divest its stakes in offshore British wind.

(Additional reporting by Stine Jacobsen in Copenhagen, editing by Terje Solsvik and Adrian Croft)

By Lefteris Karagiannopoulos

Stocks mentioned in the article
ChangeLast1st jan.
ENBW ENERGIE BADEN WUERTTEMBERG AG -0.65% 30.7 Delayed Quote.6.69%
INNOGY SE -0.16% 36.59 Delayed Quote.11.98%
ORSTED 0.19% 412.3 Delayed Quote.21.73%
SIEMENS GAMESA RENEWABLE ENERGY -0.35% 11.305 End-of-day quote.-1.09%
VESTAS WIND SYSTEMS -0.33% 389.2 Delayed Quote.-9.24%
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Financials ( JPY)
Sales 2019 4 173 B
EBIT 2019 -
Net income 2019 83 498 M
Debt 2019 551 B
Yield 2019 3,21%
P/E ratio 2019 15,76
P/E ratio 2020 12,03
EV / Sales 2019 0,46x
EV / Sales 2020 0,44x
Capitalization 1 365 B
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Mean consensus HOLD
Number of Analysts 13
Average target price 4 205  JPY
Spread / Average Target 3,9%
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Managers
NameTitle
Shunichi Miyanaga President, CEO & Representative Director
Hideaki Omiya Chairman
Masanori Koguchi CFO, Representative Director & EVP
Christina Ahmadjian Independent Outside Director
Naoyuki Shinohara Independent Outside Director
Sector and Competitors
1st jan.Capitalization (M$)
MITSUBISHI HEAVY INDUSTRIES LTD-5.16%12 146
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SIEMENS0.42%115 843
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