Huge Profits at Hyundai Heavy's China Turbine Plant

By Admin
Hyundai Heavy Industries Co. is the worlds biggest shipyard, and has recently invested in the construction of a new wind turbine plant in China. The p...

 

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.

SEE OTHER TOP STORIES IN THE WDM CONTENT NETWORK

Floating Wind Turbines Capture Deep Sea Power

NextEra Upgrades Altamont Wind Farm for Birds

Read the latest issue of Energy Digital!

“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. 

Share

Featured Articles

5 minutes with Stuart Broadley, Energy Industries Council

EIC CEO Stuart Broadley reveals the challenges that lie ahead for oil and gas firms now net zero is becoming an increasingly important goal for businesses

SAP: Is 'complex' wind energy supply chain slowing adoption?

SAP digital supply chain and manufacturing expert Darcy MacClaren warns complex logistics and complicated regulations are limiting wind energy adoption

Decentralised energy key to circumventing grid delays

Aggreko is advising the sector to consider short to mid-term decentralised energy solutions as an effective means of maintaining business continuity.

Renewable energy to become top source of electricity by 2025

Renewable Energy

Nuclear energy — the unsung hero of the climate challenge

Renewable Energy

UK and US announce energy partnership

Oil & Gas