Huge Profits at Hyundai Heavy's China Turbine Plant

By MarEx 2011-09-07 14:53:50

Hyundai Heavy Industries Co. expects yearly sales of close to $300 million from a wind-turbine factory in China. It is reinforcing clean-energy units to lessen the reliance on making vessels.

The plant will open in October and is predicted to post at least $50 million of sales next year. Sales are also expected to increase sixfold by 2015.

The shipyard is also looking to make acquisitions that will boost its solar-power business, as it invests in low-carbon energy amid increasing competition among cheaper Chinese shipbuilders. Their goal is to raise clean-energy sales to $3.8 billion in 2016.

In the future, Hyundai Heavy is looking into projects that include an offshore wind farm, turbine development, and planning for new offshore power capacities done through this new plant.