Korea to boost Newbie Domestic WTG Companies through $8 Billion Offshore Wind Investment

The South Korean government is the most aggressive administration when it comes to establishing a Green Economy of the future.The Koreans have established the biggest Green Stimulus as a percentage and are following it up with massive investment in different parts of the Green Economy.Korean Chaebols LG,Hyundai,Samsung,Daewoo,Posco,SK Energy,Hanwha have taken the cue from their home country in charting out an ambitious roadmap in solar,wind,green vehicles.Hyundai has ramped up investment in the Solar Energy sector tying up with Glass Giant Saint Gobain,while LG and Samsung are going it alone putting up facilities to produce crystalline solar panels.Hanwha has bought a big Chinese solar panel producer while Daewoo is setting up WTF facilities.

Korean Shipbuilders are setting up plants of manufacture offshore Wind Turbines despite having little experience.However with the support of the Korean Government which plans to set up 2.5 GW of Wind Capacity off the Korean Coast,these companies will get the required  experience and track record to make forays into foreign territories.Shipbuilding companies around the world are getting into the Offshore Wind Sector with Northrop Gruman tying up with Spanish WTG Heavyweight Gamesa to build Wind Turbines in the US.The South Korean government is being smart and aggressive as it plans huge windfall from Green Investments.Due to its relatively smaller size it is not being targeted for Green Subisidies unlike China which  faces a WTO Trade Complaint from the US.The Korean Government is also pushing for Nuclear Equipment Supply Deals winning a huge order from the UAE against stiff competition from Japan and others.

South Korea to build $8.2 billion offshore wind farm – REM

South Korea announced Tuesday that it will build a massive offshore wind farm off its west coast by 2019 to develop new sources of renewable energy and help wind turbine exporters.Under the ? 9.2 trillion ($8.2 billion) project, companies such as Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering plan to build 500 turbines, the Knowledge Economy Ministry said in a statement.”Basically, the scheme is composed of three phases,” said MKE director general Kang Nam-hoon in an interview with the Korea Times. “By 2013, we will have raised 20 5-megawatt turbines and add 180 by 2016 and 300 more by 2019.”