Danish wind turbine manufacturer Vestas has announced plans to build out a wind energy supply chain in South Korea, adding that the plans are dependent on a growing market for offshore wind in the country.
The plans were formalised at a signing ceremony with Vestas CEO Henrik Andersen, and South Korea’s President Yoon Suk-Yeol at the World Economic Forum’s Annual Meeting in Davos.
According to Vestas, the plan holds an investment potential of several hundred million USD and is expected to help establish a mature industrial supply chain for offshore wind and contribute to creating several thousand direct and indirect jobs as the South Korean wind industry grows.
”As the global leader in wind energy, Vestas is committed to lending our expertise and support to accelerate the energy transition and build resilience wherever we can, and we are now delighted to be collaborating with South Korea in the journey to achieve its climate and energy security ambitions. Together, our vision is to grow offshore wind into an industrial success story in South Korea,” Vestas said in a social media post.
South Korea’s Renewable Energy 3020 Implementation Plan calls for the development of 12 GW of offshore wind capacity by 2030.
Back in March 2022, Vestas signed a Memorandum of Understanding with Ulsan City, Ulsan Port Authority, and Sejin Heavy Industries & Construction to cooperate on Ulsan’s plan to develop a 9 GW floating offshore wind complex by 2030.
Vestas has also been named a preferred turbine supplier for the 1.3 GW MunmuBaram floating offshore wind project which will feature the company’s flagship V236-15.0 MW model.