According to China National Development and Reform Commission China, the world largest wind power producer plans to increase offshore wind power capacity to 5 GW by 2015 and to 30 GW by 2020.

Mr Kim Kweon Tae head of the company low carbon energy business said the plant in Weihai in the eastern province of Shandong will open in October and may post at least USD 50 million of sales next year. The sales may jump sixfold by 2015.

Mr Kim said “China is a market you can’t ignore. There will be a lot of competition but we plan to offer better quality and services. He said that the shipyard may also make acquisitions to boost its solar power business, as it invests in low-carbon energy amid rising competition from cheaper shipbuilders in China. The company aims to raise clean-energy sales to KRW 4 trillion in 2016 from about KRW 600 billion last year.

Mr Cho In Karp head of research at Heungkuk Securities Co in Seoul said “There is a limit to how much shipyards can grow by relying heavily on one product. In the long term, this is the way to go because fossil fuels will eventually run out.”

Mr Kim said without elaboration Hyundai Heavy will next year use the new factory to bid for work on an offshore wind farm planned off Shanghai. The China plant which will be able to make 300 2-megawatt turbines annually will also eventually be used to tender for projects in Southeast Asia.

He said the company may also finish developing a 5.5-megawatt turbine, suitable for offshore wind farms, next year. It is studying a plan to develop a 10-megawatt unit.

According to China National Development and Reform Commission China, the world largest wind-power producer plans to increase offshore wind power capacity to 5 GW by 2015 and to 30 GW by 2020.

(Sourced from Bloomberg)