Ulsan: Hyundai Heavy Industries Co., the world's largest shipbuilder, will build a factory to produce wind-power generators in Gunsan, North Jeolla Province. This is a key part of its plans to get into the alternative energy business.
The company will spend 102 billion won ($880 million) on the plant, and the generators will be able to produce 400 megawatts of electricity a year. Construction is scheduled to be completed in February 2010, the company said in a regulatory filing.
Seeking to diversify its business lines, Hyundai Heavy is aggressively expanding into the energy sector, including solar power. It invested 34 billion won to build its first solar cell-producing plant in Eumseong, 108 kilometers south of Seoul. It also plans to spend 300 billion won to build a second solar cell plant by 2010. HHI's plans to diversify include investing in airlines and shipping lines ahead of a potential perceived pause in ship orders. [26/9/08]
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
