Huge Profits at Hyundai Heavy's China Turbine Plant
Hyundai Heavy Industries Co. is the world’s biggest shipyard, and has recently invested in the construction of a new wind turbine plant in China. The plant, located in Weihai in the eastern province of Shandong is set to open in October and is expected to generate $50 million in sales in its first year. By 2015, the plant is
Hyundai Heavy plans to use the factory to bid for work on a massive new offshore wind farm being planned off the coast of Shanghai. The plant will be capable of producing 300 2-megawatt turbines annually.
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“China is a market you can’t ignore,” says Kim Kweon Tae, head of Hyundai Heavy’s low-carbon energy business. “There will be a lot of competition but we plan to offer better quality and services.”
Hyundai Heavy is looking to raise clean energy sales to 4 trillion won ($3.8 billion) in 2016. This is a dramatic rise from the 600 billion won brought in by the company last year. The company is also looking to acquire solar power companies to boost its solar offerings.
“We are open to opportunities for takeovers in the solar energy business,” says Kim. “We have been approached, but we aren’t in a rush.”
The first turbines produced by the new plant in China will go to the development of a wind farm in Pakistan in a joint agreement between Korea Southern Power Co., Hyundai Engineering Co., Hyundai Corp., and Yunus Brothers of Pakistan. The wind farm will provide 50 megawatts of electricity to power 60,000 homes a year.
Swire Energy buys ALL NRG, Vestas wins Australia wind order
The company currently operates across wind markets in Europe and Asia. ALL NRG was established in 2014 by Nordic private equity firm, Via Equity, by the acquisition of four prominent energy-related companies: APRO Wind, VB Enterprise A/S, Q-Star Energy A/S and WTG Partners A/S.
Manfred Vonlanthen, CEO of Swire Energy Services, said: “This acquisition, alongside the investment of BladeInsight in June of this year, positions Swire Energy Services firmly within the wind industry. ALL NRG has an impressive track record and is a trusted service provider, with access to over 600 highly qualified technicians.
“With this competence, in combination with our global reach and our long-term experience operating safely in the offshore environment, we will be able to service OEMs, operators, and owners with a full spectrum of specialist services for wind projects globally. We welcome Michael Thatt and his team and look forward to developing our service offering together in line with our strategic vision for wind services within SES.”
Via Equity is happy to see the ALL NRG services continuing under new ownership and we are certain SES will have great opportunities to excel in the very promising market for wind and solar, added Peter Thorlund Haahr, partner at Via Equity.
This is the second wind focused acquisition for Swire Energy Services this year, and forms part of the company’s long-term strategic objective to grow its renewable energy sector offering to support customers through the energy transition.
ALL NRG will be rebranded Swire Energy Services, which will roll out across the organisation from August 3.
Vestas wins 58 MW wind project order in Australia
In partnership with Global Power Generation, a subsidiary of the multinational power company Naturgy Group, Vestas has secured a 58MW deal for Crookwell 3 Wind Farm in New South Wales, Australia. The project will feature 16 V126-3.45 MW wind turbines in 3.6 MW operating mode which Vestas will supply and install.
Upon completion, Vestas will also deliver a 15-year Active Output Management 5000 (AOM 5000) service agreement. This agreement will optimise energy production while also providing long-term business case certainty.
“As the largest installer and maintainer of wind turbines, both globally and nationally, we are pleased that customers like Global Power Generation (Naturgy Group) continue to choose our leading technology, market experience and broad service solutions”, said Purvin Patel, President of Vestas Asia Pacific.
“Global Power Generation (Naturgy Group) is a globally valued customer to Vestas”, said Peter Cowling, Head of Vestas Australia and New Zealand. “We look forward to championing their ambitious vision of sustainability in Australia through the successful delivery of Crookwell 3 Wind Farm, and our remaining projects which are currently in progress.
Once again, Global Power Generation is very pleased to partner with Vestas as OEM and long-term maintenance provider for Crookwell 3 Wind Farm, added Pedro Serrano, Chief Business Development Officer, Global Power Generation (Naturgy Group). Delivery of the wind turbines is expected to occur in the second quarter of 2022, with commissioning to commence in Q4 2022.
Last month leading CEOs from the global wind industry united to call on G20 members to show leadership in the climate crisis by raising national ambitions and urgently laying out concrete plans for increased wind energy production to replace fossil fuels (click here).