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June 8, 2021

Doosan secures wind turbine supply contract in South Korea

Doosan will also sign an agreement to provide maintenance services for the wind turbines.

By Umesh Ellichipuram

Doosan Heavy Industries and Construction has secured a turbine supply contract from KEPCO Engineering and Construction (KEPCO E&C) for its Jeju Hallim offshore wind farm in South Korea.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Under the KRW190bn ($170m) contract, Doosan will supply 18 units of its 5.56MW offshore wind turbine model.

The turbine, with blades measuring 68m in length, has been designed to withstand severe windstorms.

The 100MW offshore wind facility will be built near the waters of Hallim Port, located in the north-west region of Jeju island.

Jeju Hallim Offshore Wind Power Company, which was created by Korea Electric Power Corporation (KEPCO), Korea Midland Power, Hyundai Engineering and Construction (Hyundai E&C) and KEPCO E&C, owns the wind facility.

Doosan Heavy Plant EPC Business Group CEO Inwon Park said: “We find it truly meaningful to be a part of the Jeju Hallim Offshore Wind Farm project.

“This is not only Korea’s largest offshore wind farm project, but it is also the first offshore wind farm project to be pursued in Korea since the government announced its Renewable Energy 3020 Plan.

“We will do our utmost to ensure the project’s successful completion so that we may once again demonstrate the competitiveness of South Korea’s offshore wind power. We will also endeavour to promote the domestic wind power industry.”

Doosan will also sign a long-term agreement to provide maintenance services for the wind turbines after construction.

Hyundai E&C, KEPCO E&C and Korea Leading Energy Management will jointly handle the engineering, procurement and construction work for the project.

Activities related to the manufacturing, supply and maintenance of the turbines will be handled by Doosan.

The facility’s overall construction is expected to be finished by April 2024.

Last October, Power Technology ranked KEPCO as the world’s eighth biggest power company based on its 2019 revenues and outlook for the year.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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