General – Partnership
GE Offshore Wind and Hyundai Electric are planning to establish a strategic industrial partnership to support the growth of offshore wind in South Korea.
The companies’ strengths complement each other, and both will bring our unique expertise to support the development and installation of the 12 GW of offshore wind forecasted to be built in South Korea by 2030.
GE Renewable Energy will bring its offshore expertise and the Haliade-X technology, and Hyundai Electric will bring its local expertise in Korean market knowledge and electrical equipment.
A Memorandum of Understanding between our two companies outlines initial plans for the establishment of a nacelle assembly factory in South Korea for assembling HaliadeX turbines.
The detailed timeline of any industrial development will depend on the volume of customers’ orders and their specific projects timing.
Hyundai Electric, affiliated with South Korea’s Hyundai shipbuilding group, said it would work with GE Renewable Energy to localize wind turbine parts while participating in South Korea’s government-sponsored wind power projects. “We will secure differentiated competitiveness in the offshore wind market through localization and the production of large-scale wind turbines,” an unnamed Hyundai Electric official said.