Germany

Germany

Daewoo considering Bard acquisition

KOREA: Korean multinational Daewoo has revealed it is considering buying German offshore wind turbine manufacturer Bard.

Bard produces a 5MW turbine
Bard produces a 5MW turbine

In September, Bard hired US investment bank JP Morgan to sell the company with the aim of completing a deal by March 2012.

The company is unique as it both develops projects and produces a 5MW offshore turbine.

Speaking to Korea’s Money Today, a Daewoo spokesman said: "We are considering the purchase of Bard, but we have not started due diligence yet."

There has been speculation Daewoo may face competition from GE and a number of Chinese manufacturers for Bard.

If the deal goes ahead, it will be the second wind manufacturer Daewoo has acquired in recent years. In 2009, Daewoo acquired DeWind from Composite Technology Corporation.

Last year, South Korea's government has announced plans to invest $8.2 billion over the next nine years in the development of offshore wind farms.

At the time, the country's Ministry of Knowledge Economy said it was aiming to set up a private-public partnership to install around 500 turbines off the west coast.

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