SEOUL: South Korea's Hyundai Heavy Industries Co, the world's leading shipbuilder, said Thursday that it has signed a joint venture deal with China's State-owned Datang Shandong Power Generation Co to build a wind turbine plant in China.
The plant will be built in Weihai, China's Shandong province, and is expected to produce 300 turbines annually, each with a generating capacity of 2 megawatts, from January 2011, Hyundai Heavy said.
Hyundai Heavy will fund 80 percent of the venture while the rest will be paid by the Chinese power firm, but further financial details will come after future discussions, the shipbuilder said.
China's wind energy market is expected to grow into a $150 billion industry with a 100 GW wind power energy capacity by 2020, according a recent report by the American Wind Energy Association.
