GE Renewable Energy and Hyundai Electric sign offshore wind partnership agreement

• 1 year, 4 months ago (2022-12-16)
• David Flin

Asia 848 Offshore wind 119

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GE Renewable Energy and Hyundai Electric have announced that they have formed a strategic partnership to work together in the South Korean offshore wind market.

Under the terms of the agreement, Hyundai Electric will serve as a manufacturing associate to help localise assembly of the Haliade-X offshore wind turbines and generators in South Korea. The partnership agreement follows an MOU first announced by the two companies in February 2022.

The agreement plans the establishment of a factory in South Korea to produce the nacelles and generators used in Haliade-X turbines, with the potential to also leverage the South Korea base for exporting generator components.

In addition to signing the strategic partnership, GE Renewable Energy and Hyundai Electric also signed a letter of intent to establish a joint venture if the collaboration of the two companies wins the larger volume of orders needed to support such efforts.

South Korea has announced plans to add 12 GW of offshore wind by 2030.