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Mingyang Smart Energy Group Ltd has inked a localization cooperation agreement with South Korean sector player Unison Ltd to invest $299 million in constructing a wind turbine nacelle assembly plant and a blade manufacturing facility and developing wind farms.
The partnership is expected to create about 1,000 local jobs, which follows a cooperation memorandum signed by the parties in 2022.
South Korea aims to install 12 GW of offshore wind power to cut emissions to 40% of the 2018 levels by 2030.
Mingyang, a Chinese wind turbine manufacturer, said that the cooperation with Unison will let it enter the South Korean wind power market.
“I envision a mutually beneficial and win-win partnership where we can,” said
According to Mingyang chairman and chief executive Zhang Chuanwei, the partnership is mutually beneficial as it deepens their exchanges, leverages each other's strengths, explores innovative cooperation models, and achieves breakthroughs in both the Korean and global markets.
Unison chief executive Park Won-seo said the agreement will allow Unison to become a leading player in the Korean offshore wind power market by leveraging Mingyang's supply chain, offshore equipment, and installation capabilities.
