Daewoo Shipbuilding to Enter Chinese Wind Energy Market

Daewoo Shipbuilding & Marine Engineering Co., known as the second largest shipyard globally, has unveiled its plans to build 30% of its sales turnover from wind power by the end of the year 2020.

The company anticipates that the current apprehensions about pollution and greenhouse gas emissions will increase the growth of green energy products. Currently the company makes nearly 99% of its revenue from building ships and supplying offshore equipments.

Koh Young Youl, Chief Strategy Officer of Daewoo, said that the company is planning to increase its sales on wind products to $7.5 billion by the year 2020 from its current annual sales of about $25 million. While Koh admits that the target will be tough to achieve, he added that his company still finds potential in wind power market especially in offshore projects. Koh added that his company is ultimately planning to provide all the services related to wind energy from that of making wind turbines to operating wind mills and informed about developing its first offshore wind turbine at Seoul. He explained the plans of his company to start a wind turbine factory in China before the end of 2010 as there will be an increased demand for clean energy in that country. He added that the new manufacturing facility at China will procure required parts from the local market and may setup factories of its own in the near future to help the local suppliers.

Daewoo, which currently makes wind turbines may also start running wind farms in China and manufacture vessels that can be used for installing offshore wind turbine generators.