Hyundai Electric Targets Offshore Wind Market with GE... "Manufacturing 12~15MW Class Turbines"

Expansion of Korea's Offshore Wind Power to 12GW by 2030 with 66 Trillion Won Investment
"Localization and Scaling Up of Wind Turbines... Securing Differentiated Offshore Wind Competitiveness"

Cho Seok, President of Hyundai Electric./Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Moon Chaeseok] Hyundai Group is officially entering the offshore wind power market in partnership with General Electric (GE).

Hyundai Electric, the group's power equipment and energy solutions subsidiary, announced on the 16th that it signed a Memorandum of Understanding (MOU) with GE Renewable Energy of the U.S. for the manufacturing of offshore wind turbines and business entry. The signing ceremony was held at the First Tower headquarters in Bundang, attended by Hyundai Electric CEO Jo Seok and Josephine Ford, head of strategic marketing at GE Renewable Energy. GE Renewable Energy is a subsidiary of GE that possesses the world's largest 15MW-class wind turbine manufacturing technology.

Hyundai Electric plans to combine its technology in energy solutions and power equipment with GE Renewable Energy's expertise in manufacturing large wind turbines to produce 12-15MW-class offshore wind turbines. Korea's current technology level remains at 5-8MW, falling short of the global standards seen in Europe and elsewhere. This agreement will significantly elevate the technological level, which is expected to have a revolutionary impact on Korea's offshore wind competitiveness. This is due to the characteristic of wind power generation where larger turbine blades increase generation efficiency and output.

The two companies also plan to jointly participate in government-led wind power projects. The government announced in 2020's "9th Basic Plan for Electricity Supply and Demand" that it will invest approximately 66 trillion KRW to establish 12GW of offshore wind farms by 2030.

A Hyundai Electric official stated, "Wind power is an essential renewable energy business to achieve Korea's 2030 greenhouse gas reduction target (NDC). We will secure differentiated competitiveness in the offshore wind market through domestic production and scaling up of wind turbines."

Hyundai Electric is showcasing advanced technology in eco-friendly renewable energy generation fields, including energy infrastructure construction projects in the Banwol-Sihwa Industrial Complex, public-private led energy storage system (ESS) projects, and development of hydrogen fuel cells for power generation.

This content was produced with the assistance of AI translation services.