Vestas signs Memorandum of Understanding with Maersk, South Korea's Jeonnam Province, and Mokpo City

SEOUL, South Korea, April 22, 2024 /PRNewswire/ -- On April 22, 2024, Vestas signed a Memorandum of Understanding with A.P. Moller-Maersk, Jeonnam Province, and Mokpo City, on a plan towards a supply chain investment in Mokpo City in the Jeonnam Province, South Korea. The plan underlines Vestas' commitment to contributing to the development of an offshore wind energy industry in South Korea.

Under the Memorandum Understanding (MoU), the parties will work together with the aim to establish a nacelle manufacturing plant and logistical base for offshore wind turbines at the Mokpo New Port Hinterland Complex. The plan is dependent on the pace of a growing market and awarded volume for Vestas.

The MoU outlines Vestas' intention to explore collaboration opportunities with local suppliers for offshore wind turbine components. In addition, Vestas and Maersk will aim to strengthen the local economy through hiring local talent and working with local companies, and Jeonnam Province and Mokpo City will provide administrative and financial support necessary to establish a sustainable supply chain. The MoU follows Vestas' earlier announcement to explore establishing wind turbine manufacturing facilities in Korea together with CS Wind.

At the signing ceremony held at Vestas in Copenhagen, Denmark, the Governor of Jeonnam Province Kim Yung-rok, the Mayor of Mokpo City Park Hong-ryul, CEO of A.P. Moller-Maersk Vincent Clerc, the Chief Operating Officer of Vestas Tommy Rahbek Nielsen, confirmed their shared ambition to establish a competitive and sustainable industrial supply chain for offshore wind in South Korea.

"Vestas would like to thank Jeonnam Province, Mokpo City and Maersk for their partnership. We look forward to continuing the close collaboration as we work together to enable and establish a competitive and sustainable offshore wind supply chain in South Korea," said Tommy Rahbek Nielsen. "South Korea has a promising offshore wind market with the potential to become a hub for accelerating offshore wind energy. The agreement follows the strong technology offering we have with the V236-15 MW wind turbine and the recent commercial traction we have seen."

"We are pleased that Vestas trusts Maersk to be a valued partner, as it continues to support the green transition on a global scale by offering renewable energy solutions. This agreement, including the logistics operations connected with it is a testament to our end-to-end capabilities and is a milestone for our integrator strategy," says Vincent Clerc, CEO at Maersk.

The full details of Vestas' investment approach are currently under consideration. Further information will be communicated when the plan is finalised.

About Vestas

Vestas is the energy industry's global partner on sustainable energy solutions. We design, manufacture, install, and service onshore and offshore wind turbines across the globe, and with more than 177 GW of wind turbines in 88 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 152 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas' more than 30,000 employees are bringing the world sustainable energy solutions to power a bright future.

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SOURCE Vestas Asia Pacific