Mubo Provides 150 Billion KRW Financial Support for 'Vietnam Offshore Wind Power Tower Factory Construction'

Supply of Offshore Wind Power Towers Worth 4 Trillion Won by 2030

Korea Trade Insurance Corporation announced on the 25th that it will provide $110 million (approximately 150 billion KRW) in financing for the Vietnam wind tower factory construction project promoted by CS Wind.

This project involves the additional expansion of a factory equipped with the capacity to produce ultra-large offshore wind towers with a maximum diameter of 10 meters in Ba Ria-Vung Tau, a southern port area of Vietnam. Through this project, a total of 4 trillion KRW worth of offshore wind towers will be supplied by 2030 under a supply contract signed with the Spanish wind power company SGRE.

Previously, in 2021, K-Sure supported CS Wind’s expansion project of a wind tower factory in the United States with $60 million (approximately 80 billion KRW) in financing.

A K-Sure official stated, "This financial support will help enhance the overseas business capabilities of our companies in renewable energy projects such as offshore wind power and strengthen export competitiveness. Given the expected rapid growth of the global offshore wind power industry, we anticipate that proactive support for entry into the European market will contribute to creating a virtuous cycle of continuous exports."

For the implementation of this project, domestic companies are expected to be responsible for procuring raw materials such as equipment and steel necessary for factory construction. K-Sure also expects this to expand opportunities for Korean companies to enter overseas markets.

K-Sure is establishing a proactive financing policy for eco-friendly and renewable projects such as wind power in response to the global carbon neutrality transition, concentrating its full capabilities to enhance the industrial competitiveness of Korean companies. In fact, over the past five years, it has provided approximately 16.7 trillion KRW in financing for the eco-friendly and renewable energy industry. In May, it also launched a new product dedicated to international greenhouse gas reduction projects and is actively involved in policy formulation.

Lee In-ho, President of K-Sure, said, "The wind power market is an industry expected to experience rapid growth in line with the global eco-friendly trend, and quality financial support is essential for securing our companies’ competitiveness in the eco-friendly sector. We will continue to do our best to expand the export territories of more of our companies through ongoing financial support and policy expansion for renewable energy projects."

Exterior view of CS Wind's existing wind tower manufacturing plant located in Vietnam.

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