South Korea has introduced a 'green new policy', and Doosan Heavy Industries aims to achieve an annual revenue of 1 trillion Korean won from offshore wind power by 2025!
Doosan Heavy Industries set an ambitious plan on Sunday to increase its annual sales of offshore wind farm business to KRW 1 trillion ($830 billion) by 2025, surpassing the revenue of the past decade.
Doosan Heavy Industries is the largest local wind farm equipment supplier in South Korea, but its cumulative sales in this field since 2010 are still 660 billion Korean won.
This bold business goal was announced following the South Korean government's "greenway deal", in which Doosan Heavy Industries pledged to actively join the government's "greenway deal". This policy aims to completely transform South Korea's economy, which relies on fossil fuels, into an environmentally friendly economy.
Seoul stated that it will invest a total of 73.4 trillion Korean won in this plan, including 14 trillion Korean won for the construction of new offshore wind farms with a total power generation of 2.4 GW. According to earlier reports, the power generation capacity of offshore wind farms in South Korea is currently 124.5 MW.
It is reported that Doosan Heavy Industries has developed technology and equipment specifically suitable for South Korea with less strong gusts of wind. So far, it has delivered wind turbines with a single capacity of 3 megawatts, and a wind turbine with a single capacity of 5 megawatts has been successfully developed. The company began researching a new 8-megawatt turbine in 2018.
Doosan Heavy Industries stated that the current localization rate of equipment supplied by Doosan Heavy Industries is about 70%. The company has invested 180 billion Korean won in wind farm business so far and plans to expand investment in related research and development as well as production facilities.