Vestas Signs MoU with Maersk to Boost Offshore Wind Supply Chain Investment in South Korea

Vestas has signed a Memorandum of Understanding (MoU) with A.P. Moller-Maersk, Jeonnam Province, and Mokpo City, outlining plans for a supply chain investment in Mokpo City, Jeonnam Province for the development of the offshore wind energy industry in South Korea.

The MoU sets the stage for collaborative efforts aimed at establishing a nacelle manufacturing plant and logistical base for offshore wind turbines at the Mokpo New Port Hinterland Complex. However, the realization of this plan is contingent upon the pace of market growth and awarded volume for Vestas.

Central to the agreement is Vestas' intention to explore collaboration opportunities with local suppliers for offshore wind turbine components. Moreover, Vestas and Maersk aim to bolster the local economy by prioritizing the hiring of local talent and fostering partnerships with local companies. In return, Jeonnam Province and Mokpo City have pledged to provide administrative and financial support crucial for establishing a sustainable supply chain.

This initiative builds upon Vestas' earlier announcement to explore the establishment of wind turbine manufacturing facilities in Korea in collaboration with CS Wind.

The signing ceremony, held at Vestas' headquarters in Copenhagen, Denmark, was attended by key stakeholders, including Governor Kim Yung-rok of Jeonnam Province, Mayor Park Hong-ryul of Mokpo City, CEO Vincent Clerc of A.P. Moller-Maersk, and COO Tommy Rahbek Nielsen of Vestas. Together, they expressed their shared ambition to establish a competitive and sustainable industrial supply chain for offshore wind in South Korea.

Tommy Rahbek Nielsen, COO of Vestas, expressed gratitude towards Jeonnam Province, Mokpo City, and Maersk for their partnership, stating, "We look forward to continuing the close collaboration as we work together to enable and establish a competitive and sustainable offshore wind supply chain in South Korea."

Vincent Clerc, CEO of Maersk, highlighted the significance of the agreement, stating, "This agreement, including the logistics operations connected with it, is a testament to our end-to-end capabilities and is a milestone for our integrator strategy."