Vestas, which employs 600 people at its manufacturing factory on the Island, said ‘constraints’ at the site mean it is not suitable for the next generation of offshore blades.
It also said demand for the product is ‘coming to an end’.
The company said it has reached an agreement in principle with government to repurpose the factory and build onshore blades.
It says this deal will sustain only around 300 of the 600 jobs in manufacturing activities.
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Vestas said a ‘significant number’ of opportunities would be presented to employees in other parts of our business, although it is understood this could be off the Island.
The County Press understands staff were told of the decision at a meeting this morning (Wednesday).
A consultation process with employees will now launch, with clarity for ‘most employees’ expected by January 2025.
The technology centre on the Island, which employs approximately 140 people, will not be impacted by this decision, Vestas said.
Anders Nielsen, Group CTOO of Vestas, said: “We have invested in jobs and manufacturing activities on the Isle of Wight for more than two decades, and we have great pride in the technical expertise that has been developed at the site.
“We are pleased that this partnership in principle with the UK Government means we can continue manufacturing activities at the Isle of Wight to support the deployment of onshore wind in the UK.”
Energy Secretary Ed Miliband said: “My thoughts today are with the staff at Vestas who are facing uncertainty about the future of their jobs, especially at this time of year.
“I am, however, pleased that we have reached this agreement in principle with the company to save 300 jobs on the site, and that our lifting of the ban on onshore wind farms is helping make a site earmarked for closure viable for the future.”
Vestas said the transition to onshore blades will see the facility help meet increased demand for onshore wind energy in the country.