SEOUL, South Korea, April 22, 2024 – Vestas, a global leader in sustainable energy solutions, has inked a significant Memorandum of Understanding (MoU) with A.P. Moller-Maersk, Jeonnam Province, and Mokpo City. The agreement, signed on April 22, 2024, marks a pivotal step towards establishing a robust supply chain investment in Mokpo City, located in South Korea’s Jeonnam Province.
The collaboration underscores Vestas’ unwavering commitment to fostering the growth of the offshore wind energy industry in South Korea, a burgeoning market poised for substantial development in renewable energy initiatives.
Expanding Wind Energy Infrastructure
According to the MoU, the involved parties will collaborate to set up a nacelle manufacturing plant and logistical hub for offshore wind turbines at the Mokpo New Port Hinterland Complex. The success of this initiative hinges upon the anticipated growth of the market and the volume of contracts awarded to Vestas.
Strengthening Local Partnerships
Vestas aims to explore synergies with local suppliers for the production of offshore wind turbine components. Additionally, the company, alongside Maersk, intends to bolster the local economy by prioritizing the employment of local talent and fostering partnerships with indigenous businesses. Jeonnam Province and Mokpo City have pledged to provide essential administrative and financial support to facilitate the establishment of a sustainable supply chain.
Collaborative Vision for Sustainability
During the signing ceremony at Vestas’ headquarters in Copenhagen, Denmark, key stakeholders including the Governor of Jeonnam Province Kim Yung-rok, the Mayor of Mokpo City Park Hong-ryul, CEO of A.P. Moller-Maersk Vincent Clerc, and Vestas’ Chief Operating Officer Tommy Rahbek Nielsen reaffirmed their collective ambition to create a competitive and environmentally sustainable industrial supply chain for offshore wind energy in South Korea.
Tommy Rahbek Nielsen expressed gratitude to the partners, highlighting Vestas’ anticipation of a fruitful collaboration in realizing the shared vision. Vincent Clerc, CEO of Maersk, echoed the sentiment, emphasizing Maersk’s commitment to supporting global green initiatives through comprehensive logistical solutions.
Future Prospects
While the specifics of Vestas’ investment strategy are currently under review, the company pledges to provide further updates once the plan is finalized. The agreement signifies a significant milestone in the progression towards establishing South Korea as a pivotal hub for offshore wind energy production.
