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Daewoo Forms Joint Venture with Canada for Wind Energy Project

Major South Korean shipbuilding company establishes an agreement with Canada to build wind-power generators.

A C$40 million joint venture between Daewoo Shipbuilding and Marine Engineering and the provincial government of Nova Scotia, Canada was agreed upon for the building of wind-power generators. The venture will enable the annual production of 600 wind turbine blades and 250 windmill towers.

The shipbuilder intends to invest up to $20 million and will hold a 51 percent stake, and the remaining 49 percent will go to the provincial state of Nova Scotia, who will contribute about $19 million. This multi-million dollar enterprise is being perceived as a solid stepping stone to broadening the wind energy sector into the North American market.

Daewoo also signed a memorandum of understanding with Nova Scotia Power Inc. to supply wind power generators to the local utility company. Last year, Daewoo acquired California-based DeWind Inc. as a subsidiary. DeWind is a wind turbine manufacturer who designs, produces, sells and licenses energy turbines to North and South American clients. Daewoo has contracts to build generators in the U.S. as a result.