Hyundai Electric to produce GE offshore wind turbines in South Korea

GE Renewable Energy today announced a strategic partnership with Hyundai Electric & Energy Systems Co Ltd (KRX:267260) to produce GE’s Haliade-X offshore wind turbines and generators in South Korea.

The General Electric Co (NYSE:GE) business said Hyundai Electric, an affiliate of Hyundai Heavy Industries Group, will build a factory, invest in tooling, and hire and train a local team in the Asian country, which aims to deploy 12 GW of offshore wind by 2030. The plant will produce the nacelles and the generators used in the Haliade X turbines.

GE will support the operational ramp-up with Hyundai Electric and will remain the prime contractor toward customers.

The two companies also plan to set up a joint venture if their partnership secures a large volume of orders.

The strategic partnership agreement follows the announcement of a memorandum of understanding between the companies in February.

“This agreement will enhance our ability to serve local customers, create significant local economic benefits, and establish a local supply chain ideally suited to serve the growing offshore wind market in South Korea and potentially beyond in APA [Asia-Pacific],” said Fabrice Kermorgant, chief commercial officer GE Offshore Wind.

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