Vestas unveils plans for South Korea offshore wind investments

By: Tom Russell 19/01/2023 Vestas

General Turbines

Vestas has declared its intention to become a key investor in establishing and maturing the offshore wind supply chain in South Korea. Investment plans outline the potential for several hundred million USD, and are dependent on a growing market for offshore wind.

At a ceremony held at the World Economic Forum 2023 in Davos, Vestas signed and submitted a Foreign Investment Notification Form to the Ministry of Trade, Industry and Energy (MOTIE) of South Korea, in the presence of Mr. Yoon Suk-Yeol, President of South Korea.

Vestas stated the investment will help establish an effective and sustainable industrial supply chain for offshore wind and create thousands of direct and indirect jobs for the future, which will contribute to the growth of the wind energy industry in South Korea.

"We would like to thank the South Korean government for their support and look forward to continuing a close collaboration as we work to shape an optimal market framework for offshore wind," said Henrik Andersen, Group President & CEO of Vestas. "South Korea holds promising prospects for wind energy development and the potential to become a key wind hub in the energy transition. Vestas is ready to be part of it and contribute to maturing the wind energy industry in South Korea."

The full details of Vestas' investment approach are currently under consideration. The company stated further information will be communicated when the plan is finalised.

For more information on offshore wind farms worldwide, click here.

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