Hyundai Heavy Enters Chinese Wind Turbine Market
April 1, 2010 - Hyundai Heavy signed an MOU to construct a joint wind turbine manufacturing plant with Datang Shandong Power Generation Co., Ltd. and Weihai City Government.
With the MOU, Hyundai Heavy Industries, the Korea's biggest wind turbine manufacturer is gearing up for entering the Chinese market that is emerging as the World's biggest wind turbine market.
The plant will be 80% owned by Hyundai Heavy and 20% by Datang Shandong Power Generation. Detailed investment from both companies will be decided through further discussion.
The joint wind turbine manufacturing plant, covering 231,404㎡ at Weihai, Shandong province, will have an annual production capacity of 600MW (300 units of 2MW wind turbines). Hyundai Heavy plans to complete the plant by the end of this year and start manufacturing wind turbines from January 2011.
As a subsidiary of Datang Group, the second largest state-owned electricity company in China, Datang Shandong Power Generation is generating and providing electricity to the Shandong region.
A Hyundai Heavy official said, "While Chinese wind turbine market is expanding at a rapid pace with government support, the establishment of a joint wind turbine manufacturing plant will pave the way for Hyundai Heavy to enter the Chinese market."
In a report by AWEA (American Wind Energy Association), China's wind turbine market is expected to grow to 100GW or USD 150 billion by 2020.
On March 31, Hyundai Heavy held a completion ceremony for the wind turbine manufacturing plant located at Gunsan Industrial Complex, Jeollabuk-do, Korea. Hyundai Heavy invested 105.7 billion won for the plant. As Korea's biggest wind turbine plant, the Gunsan plant has been manufacturing 1.65MW wind turbines with annual manufacturing capacity of 600MW.
Hyundai Heavy plans to diversity Gunsan's wind turbine lines to 2MW - 5MW onshore and offshore wind turbines, and also expand manufacturing capacity to 800MW by 2013.
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Hyundai Heavy Industries Co., Ltd. (HHI) is the world's largest shipbuilding company, headquartered in Ulsan, South Korea. It has seven business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery, Electro & Electric Systems, Construction Equipment, and Green Energy.
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