Mingyang Smart Energy has signed a localization cooperation agreement with Unison Ltd., a South Korean wind turbine manufacturer and wind power company in Zhongshan, Guangdong. The agreement involves an investment of 400 billion Korean won, approximately 2 billion RMB, from Mingyang Smart Energy to promote its business in Korea and globally. Zhang Qiying, President and Chief Technology Officer of Mingyang Smart Energy, and Park Won-seo, CEO of Unison, signed the agreement while Zhang Chuanwei, Mingyang Smart Energy's Chairman and CEO, witnessed the signing ceremony.
During the signing ceremony, Zhang Chuanwei expressed, "Unison is a well-established local enterprise and top player in the Korean wind power market. On the other hand, Mingyang is a top Chinese wind power company with exceptional technical expertise. This agreement marks the start of a new phase of comprehensive collaboration between the two companies. I envision a mutually beneficial and win-win partnership where we can deepen our exchanges, leverage each other's strengths, explore innovative cooperation models, and achieve breakthroughs in both the Korean and global markets. Together, we can create a new landscape for international expansion."
Park Won-seo, CEO of Unison, commented, "Through this agreement, Unison is expected to become a leading player in the Korean offshore wind power market, leveraging Mingyang's excellent supply chain, offshore equipment, and installation capabilities. In addition, Mingyang and Unison have reached an agreement on localization and will strengthen technical cooperation with Korean wind turbine component companies. Based on this cooperation, they will develop into a production hub for offshore wind power spanning the entire East Asia region."
The agreement serves as the specific implementation plan for the cooperation memorandum signed by both parties in 2022. The agreement will see Mingyang Smart Energy investing 400 billion Korean won to carry out various forms of localization cooperation with Unison, which includes the establishment of a wind turbine nacelle assembly plant, a blade manufacturing plant, and the development and investment of onshore and offshore wind farms. This series of cooperation is expected to create approximately 1,000 local jobs.
The South Korean government has been actively promoting renewable energy, particularly offshore wind power, to reduce greenhouse gas emissions. As part of its efforts to achieve its goal of reducing emissions to 40% of 2018 levels by 2030, South Korea has set a target to add 12GW of offshore wind power installations. Within this context, this cooperation with local enterprise Unison will enable Mingyang Smart Energy to enter the South Korean wind power market in compliance with localization requirements. By doing so, the company can accelerate the promotion and implementation of advanced technology and products in South Korea, creating new opportunities for both parties' international growth.