By Partnering with GE of the U.S.
Hyundai Electric, a power equipment and energy solution subsidiary of Hyundai Heavy Industries Group, is entering the offshore wind power business in partnership with GE Renewable Energy of the United States.
The company signed a strategic partnership agreement with GE Renewable Energy at the Banyan Tree Hotel in Jung-gu, Seoul on Dec. 14.
Under this agreement, the two companies will cooperate in production and sales to enter the Korean and overseas offshore wind power markets.
Hyundai Electric will be in charge of producing nacelles and generators for GE’s ultra-large wind turbine Haliade-X. It will also promote the localization of various equipment and parts.
GE Renewable Energy plans to work with Hyundai Electric in winning orders from Korean and foreign customers and help Korea achieve its national greenhouse gas reduction target (NDC).
The two companies also signed a letter of intent to establish a joint venture (JV) company that will support their order receipt efforts.
The Korean Ministry of Trade, Industry and Energy announced a plan to build a 12 GW offshore wind farm in Korea by 2030.