Hyundai Heavy Industries (HHI) has entered the Chinese wind turbine market by signing a memorandum of understanding (MOU) to construct a joint wind turbine manufacturing plant with Datang Shandong Power Generation Co. Ltd. and the Weihai City government in China.
HHI will own 80% of the plant, and Datang Shandong Power Generation will have a 20% stake. Detailed investment from both companies will be decided through further discussion.
The joint wind turbine manufacturing plant is expected to have an annual production capacity of 600 MW (300 units of 2 MW wind turbines). HHI plans to complete the plant by the end of this year and start manufacturing wind turbines in January 2011.
In related news, HHI held a ceremony to mark the completion of its wind turbine manufacturing plant at the Gunsan Industrial Complex in Korea. The Gunsan plant manufactures 1.65 MW wind turbines with an annual manufacturing capacity of 600 MW.
HHI plans to diversify Gunsan's wind turbine lines in order to produce to 2 MW to 5 MW onshore and offshore wind turbines, and expects to expand its manufacturing capacity to 800 MW by 2013.
SOURCE: Hyundai Heavy Industries Â