Seoul: Hyundai Heavy Industries, the world's largest shipbuilder, said Monday that it began work on a plant for the construction of wind-power generators as part of efforts to diversify its business portfolio.
The plant, in Gunsan, 274 kilometers southwest of Seoul, will be completed by September this year and start manufacturing wind-power generators with a capacity of 1.65 megawatts the following month, it said.
Hyundai Heavy plans to spend 102 billion won (US$73.2 million) on the wind-power facility, the company said.
Hyundai Heavy is also currently involved in solar energy-related business. The shipbuilder spent 34 billion won to build its first solar-cell producing plant in Eumseong, 108 kilometers south of Seoul, and plans to spend 300 billion won to build a second factory by 2010.
The company expect sales of solar cells and solar modules to reach 1 trillion won in 2010 on rising demand for alternative energy.
Samsung Heavy Industries Co., the world's second-largest shipbuilder, is also preparing to enter the wind power industry as shipbuilding orders may fall drastically in coming months due to a global economic recession. [02/02/08]
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