Daewoo Shipbuilding Wins Korea Order for 10 Wind Turbines

Daewoo Shipbuilding & Marine Engineering Co. (042660), the world’s third-largest shipbuilder by revenue, said it will supply South Korea with 10 wind power turbines this year.

Daewoo will supply the 2-megawatt capacity turbines to a joint venture with Korea East-West Power Co. The turbines will go to a wind farm project in Younggwang, southwest of Seoul, the company said in a statement.

The project will generate enough electricity to supply 13,000 households a year once it is completed in the third quarter, Daewoo said, without disclosing the project’s cost.

The shipbuilder acquired DeWind Inc. from Irvine-based Composite Technology Corp. for about $50 million in 2009 to move into the wind-turbine industry. It is building wind turbines using DeWind technology to meet demand from the U.S. and Canada.

To contact the reporter on this story: Sangim Han in Seoul at sihan@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

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