TOKYO -- The Japanese government and a unit of Mitsubishi Heavy Industries are working together on an offshore wind power project being planned in Taiwan.
Japan's three megabanks will extend loans for a contract under which MHI Vestas Offshore Wind, a joint venture between Mitsubishi Heavy and Danish wind power giant Vestas Wind Systems, will export wind turbines. Japanese government-affiliated Nippon Export and Investment Insurance, or NEXI, will provide trade insurance for potential losses on a portion of the loans. The partners hope to use the deal with Taiwan, which leads in offshore wind power, as a foothold for expansion elsewhere in Asia.
