Press Release

Doosan Heavy Industries & Construction announced on April 27 that it will sign a contract to acquire the 5.5MW offshore wind power technology developed by *Hyundai Electric & Energy Systems (“Hyundai Electric”). Under the final agreement, which is scheduled to be completed in May, Doosan will acquire the prototype, design, and intellectual property rights of the wind turbine model. The 5.5MW wind turbine developed by Hyundai Electric boasts of the largest capacity among domestic products of its kind. The system was installed in Gimnyeong Pilot Complex on Jeju Island and has been in operation for about three years. Notably, the wind turbine operated seamlessly even during typhoon Chaba (the fourth most powerful typhoon to hit Korea since monitoring started, with winds of up to 56.5 meters per second), which hit Jeju last October. The M&A is expected to create new synergistic opportunities and help energize the stagnant domestic wind power industry to take a new leap forward. Securing the large-sized wind turbine and possessing its own advanced 3MW wind turbine (WinDS3000), Doosan expects to gain a competitive edge in the wind power solutions market. Hyundai Electric will continue to supply related parts including electronic units for the 5.5MW wind turbine and take part in mutual collaboration. "By acquiring the large-sized wind power technology, Doosan gains higher competitiveness in the global market. We will expedite the expansion of our overseas markets in areas that are heavily affected by typhoons including Taiwan and Japan, since the wind turbine has safe and reliable features, and it is proven to be strong enough to endure the most powerful typhoons,” said Hyuk Kim, CEO of Doosan Heavy Industries & Construction’s Boiler BG. The Korean Ministry of Trade, Industry, and Energy announced a plan to supply 1.7GW of offshore wind power last year; thus giving the domestic wind power market bright prospects. In addition, with the leading presidential candidates announcing policy plans to expand renewable energy, the target for renewable energy is likely to increase under the 8th National Basic Plan for Electricity Supply and Demand in the coming years. *Spun off from Hyundai Heavy Industries, Hyundai Electric & Energy Systems engages in renewable energy, electric & electronic parts, and components businesses.