Hyundai Heavy signs joint agreement to build wind turbines in China

The wind power plant will be built in Weihai, China’s Shandong Province, and is expected to produce 300 wind 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 wind 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 U.S. dollar industry with a 100 GW wind power energy capacity by 2020, according a recent report by the American Wind Energy Association (AWEA).