WIND turbine giant Vestas is in talks with Japanese company Mitsubishi over a partnership deal.
The Danish company, which is the largest wind turbine manufacturer in the world, confirmed it was holding discussions after posting second quarter losses and announcing cost-cutting measures.
It coupled that with warnings of a sales slump continuing through 2013.
In May, the company confirmed it was looking for partners to complete development and construction of its new generation of giant blades at its research and development centre on the bank of the River Medina.
In November, Vestas Technology UK won government funding to support the development and production of its V164 blades, which will be used for offshore wind energy projects — including Navitus Bay off the Island.
Vestas issued a statement confirming it was in talks with Mitsubishi Heavy Industries about strategic co-operation.