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Vestas to Invest in Maturing Wind Supply Chain in South Korea

Vestas declared its intention to become a key investor in establishing and maturing the offshore wind supply chain in South Korea.

January 20, 2023. By News Bureau

Vestas declared its intention to become a key investor in establishing and maturing the offshore wind supply chain in South Korea.

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 Yoon Suk-Yeol, President of South Korea.

Investment plans outline the potential for several hundred million USD, and are dependent on a growing market for offshore wind.

 

Offshore wind is a flourishing market in South Korea, and wind energy will play a central role in South Korea's journey towards fulfilling its climate and energy security ambitions.

With its industry-leading expertise in global manufacturing, Vestas is ready to support South Korea's climate journey as a key industrial partner.

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," says 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."

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