Vestas and CS Wind Establish Joint Venture to Target Korean Market

20 Years of Business in Korea Since 2001
600MW Power Generation from 25 Wind Farms

[Asia Economy Reporter Moon Chaeseok] Vestas, the world's largest wind turbine manufacturer based in Denmark, announced on the 8th that it has signed a joint venture agreement with CS Wind, Korea's number one wind tower company.

The two companies stated that they plan to respond to the demand for renewable energy in East Asia as well as develop the Korean wind power business. Through the establishment of this joint venture, they intend to explore opportunities for setting up production facilities and businesses necessary for wind towers, blades, and turbine assembly within the Korean market.

Tommy Rabek Nielsen, Chief Operating Officer (COO) of Vestas, said, "The Republic of Korea has declared carbon neutrality by 2050 based on ambitious renewable energy policies and recently announced plans to build the world's top floating offshore wind farms. We will actively contribute to realizing Korea's renewable energy vision together with our long-time partner CS Wind."

Kim Sung-kwon, Chairman of CS Wind, said, "We are very proud to announce the joint venture partnership with Vestas to develop the Korean offshore wind market. We will expand our cooperative relationships not only in Taiwan and Vietnam, where we are already collaborating with Vestas, but also in Korea to enter the offshore wind market, creating new business opportunities for both Korea and our company."

Vestas has been operating in Korea for 20 years since installing the V47-660kW turbine in 2001. To date, it operates 25 wind farms with a total generation capacity of 600MW. CS Wind, established in 2006, has grown into a leading wind tower company by expanding into Asian, European, and American markets.

Furvin Patel, President of Vestas Asia, said, "We will develop Korea into a wind power production hub beyond the Asia-Pacific region. By strengthening our partnership with CS Wind, we expect to expand the supply chain in Korea, enhance competitiveness, and collaborate with more domestic companies."

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