Chinese Wind Turbine Maker Agrees to Build Factories in U.K.
(Bloomberg) -- Chinese wind turbine maker Ming Yang Smart Energy Group Ltd. agreed to help build factories in the U.K., which plans to add 40 GW of offshore wind power by 2030.
Ming Yang signed a memorandum of understanding with the U.K Department for International Trade representative in China to invest in a blade-manufacturing plan and “conceivably” a turbine-assembly facility in the U.K., the company said in a statement on Friday.
The number of global offshore wind instillations is set to grow more than 10-fold over the next 15 years, and the U.K. is projected to become the second-largest offshore market in the world in 2035, only after China, according to BloombergNEF.
Ming Yang, currently China’s fourth-largest turbine maker, sees the European offshore market as its top overseas expansion priority. The company started in Europe by selling 10 of its 3-megawatt turbines to Italian developer Renexia SpA.
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