HHI signed a Memorandum of Understanding (MOU) with Gunsan City, Jeollabuk-do, Korea to build wind turbine manufacturing plant by investing 105.7 billion won. This factory will be completed by September 2009.

The plant which will cover 132,000 square meters will be capable of producing 1.65MW-class wind turbines.

The annual production capacity of the factory will be 600MW. HHI plans to expand the capacity to 800MW by 2013.

The global wind market is emerging rapidly as one of the clean renewable energy. According to the report of Denmark's BTM Consult, the world wind market will reach 250 billion dollars by 2017 from 31 billion dollars worth of 19,791MW in 2007.

 “We are enhancing HHI’s competitive power to expand new renewable energy business as future growth engine,” said Mr. Choi Kil-seon, CEO of HHI.

HHI produced its first generator for wind turbines in 1988 and has exported in-house developed transformers and converters for wind power plant to U.S.A., China and European countries.

About Hyundai:

Hyundai Heavy Industries (HHI), founded by the late Chung Ju-yung on March 23, 1972, wrote the first chapter of its shipbuilding history in June, 1974, by completing construction of the world's largest shipyard and two 260,000-dwt VLCCs all at the same time. A decade after its first delivery, the Hyundai Shipyard topped 10 million deadweight tons in aggregate ship production, and has maintained the leading position in the world shipbuilding market ever since. Hyundai Shipard's drive has mirrored the growth of modern Korean heavy industry, and its success has allowed it to expand into other heavy industry areas, ultimately leading to the formation of Hyundai Heavy Industries, an integrated heavy industry company.

The latest chapter of HHI's history began when it separated from the Hyundai Group in February, 2002. The independent establishment of the Hyundai Heavy Industries Group included taking over Hyundai Samho Heavy Industries and the Hyundai Mipo Dockyard.

Our vision is to become a "Global Leader" in the heavy industries sector. Three decades ago that vision was only a dream, but after transforming an empty stretch of beach into the world's largest shipyard, that dream has become a reality. Our vision is a vast bridge connecting "reality" and "future" and has ultimately allowed us to lead to our field. This vision is a part of the "Hyundai Spirit": Creative Wisdom, Positive Thinking, and Unwavering Drive.