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Canada

Canada

Daewoo signs C$139m manufacturing plant deal and wins $30m Texas order

NORTH AMERICA: South Korea's Daewoo Shipbuilding and Marine Engineering Ltd. (DSME) will establish a wind turbine tower and blade manufacturing facility at the site of a mothballed railcar plant in Trenton, Nova Scotia after the province agreed to invest C$60 million in the venture.

Daewoo is to build the factory at an mothballed railcar plant
Daewoo is to build the factory at an mothballed railcar plant

Daewoo and the province will be joint owners of the operation, with Daewoo investing C$20.4 million for a 51% stake and the province contributing C$19.6 million for 49% of the common shares.

The provincial government is also providing C$40 million in loans for new equipment, working capital and the acquisition of land and buildings. Canada’s federal government will kick in C$10 million.

The deal, which has been in the works for more than a year, is expected to create up to 500 jobs over three years, with 120 coming in the first year of operation.

DSME has also signed a memorandum of understanding with Nova Scotia Power to collaborate on wind and tidal power projects that will help meet the province’s target of supplying 25% of its electricity from renewable sources by 2015.

Daewoo’s plan is the second major South Korean investment in Canada’s wind sector. In January, a consortium led by Samsung C&T Corporation and the Korea Electric Power Corporation announced plans to invest C$7 billion in wind and solar development and manufacturing in Ontario.

Separately Daewoo has won an $30million order for 10 2MW turbines for a wind farm in the US state of Texas. The project is planned for the Panhandle region.

 

 

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