Wind turbine maker Mingyang to invest USD 300m in S Korea

Chinese wind turbine manufacturer Mingyang Smart Energy Group Ltd (SHA:601615) said today it has inked a localisation cooperation agreement with South Korean sector player Unison Ltd.

Under the deal, the Chinese manufacturer will invest KRW 400 billion (USD 299m/EUR 275m) in the construction of a wind turbine nacelle assembly plant and a blade manufacturing facility, as well as in the development of onshore and offshore wind farms. About 1,000 local jobs are expected to be created as a result of the partnership, which follows a cooperation memorandum signed by the parties in 2022.

The tie-up comes as South Korea aims to install 12 GW of offshore wind power to help achieve its goal of cutting emissions to 40% of 2018 levels by 2030.

Mingyang said that the cooperation with Unison will allow it to enter the South Korean wind power market in compliance with its localisation requirements.

“I envision a mutually beneficial and win-win partnership where we can deepen our exchanges, leverage each other's strengths, explore innovative cooperation models, and achieve breakthroughs in both the Korean and global markets,” said Mingyang chairman and chief executive Zhang Chuanwei.

According to Unison chief executive Park Won-seo, the agreement will see Unison become a leading player in the Korean offshore wind power market, leveraging Mingyang's supply chain, offshore equipment and installation capabilities.

(KRW 1,000 = USD 0.747/EUR 0.688)

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