The Korea Trade Insurance Corporation (K-SURE) announced on Aug. 24 that it will provide financial support of US$110 million (approximately 150 billion won) for the construction of a wind tower factory in Vietnam, an initiative led by wind power equipment manufacturer CS Wind.
The project entails the expansion of a factory equipped to produce large offshore wind towers with a maximum diameter of 10 meters in Vung Tau, a port region in southern Vietnam. Through this project, in accordance with a supply contract signed with Spanish wind power company SGRE, a total of 4 trillion won worth of offshore wind towers will be supplied by 2030.
K-SURE had previously provided financial support of US$60 million (approximately 80 billion won) for CS Wind’s wind tower factory expansion project in the U.S. in 2021. The corporation anticipates that this financial assistance will bolster the overseas operational capabilities of Korean companies in the renewable energy sector, particularly offshore wind power, and enhance export competitiveness.