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Hyundai Heavy Industries (HHI), South Korea’s largest wind turbine manufacturer is preparing to enter the Chinese market.
The company signed a memorandum of understanding (MOU) to build a joint wind turbine manufacturing plant in China with Datang Shandong Power Generation Co., LTD and Weihai City Government.
The plant will be 80% owned by Hyundai Heavy and 20% by Datang Shandong Power Generation.
The 231,000-square-meters facility is expected to have an annual production capacity of 600 megawatts (MW)–300 unity of 2-MW wind turbines.
Hyundai Heavy plans to complete construction of the plant by the end of this year and start manufacturing in January 2011.
Datang Shandong Power Generation is a subsidiary of Datang Group, the second largest state-owned electricity company in China.
China is now the largest and fastest growing wind industry market. The market is expected to grow to 100 gigawatts (GW) or US$150 billion by 2020, according to a report by the American Wind Energy Association (AWEA).
In March, Hyundai Heavy celebrated the completion of a Korean wind turbine manufacturing plant that is the largest in the country. Located at the Gunsan Industrial Complex, the plant has an annual capacity of 600 MW, and will be building 1.65MW turbines licensed from AMSC (Nasdaq: AMSC)
Hyundai Heavy said it plans to diversify Gunsan’s wind turbine lines ranging from 2-MW models up to 5MW. It also has plans to expand capacity to 800 MW by 2013.
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