MOU between Young Hwa’s Gunsan Factory (formerly JMC Heavy Industries) and Advact
Company Ltd. for entry into offshore wind power market
MOU signed on 28 February with Advact at Young Hwa Engineering & Construction’s Gunsan Factory (formerly JMC Heavy Industries)
Photo: President GWAK, Dae-jin of Advact (left) and President & CEO KIM, Nam-chul of Young Hwa Construction & Engineering Co., Ltd. (right)
With the government’s January 2019 announcement of its 5-year Plan for Balanced National Development, and plans to develop a massive renewable energy cluster in the Saemangeum area (2800 MW solar PV farm and 1000MW offshore wind power complex), businesses are striving to make inroads into the emerging offshore wind power market.
Young Hwa Construction & Engineering Co., Ltd., with a wealth of plant equipment and materials fabrication in the Gunsan area spanning more than 30 years, signed an MOU with Advact Company Ltd., a Korean leader in offshore wind turbine foundation engineering, fabrication and installation (suction buckets), at Young Hwa Engineering’s Gunsan Factory on 28 February. As per the MOU, the two companies will cooperate to produce synergistic effects in foundation engineering and fabrication of offshore wind turbines, working together to win upcoming projects for wind farms in the Saemangeum area.
Cooperation between the two companies is anticipated to help boost the rising economy of the Saemangeum area in Gunsan. The partnership joins specialized technical expertise with competitive fabrication techniques, allowing for confident use of new technologies and construction methods, and development of advanced technical know-how in the building of foundations which are a critical structural component of offshore wind turbines.
Young Hwa Construction & Engineering Co., Ltd. has recently acquired JMC Heavy Industries, and aims to expand into the fields of wind power and hydrogen storage tanks in addition to its plant equipment and materials fabrication business to spur future growth. Young Hwa Construction & Engineering Co., Ltd., which has acquired JMC Heavy Industries, has been fabricating plant equipment and materials for more than 30 years in the GUnsan area, while Advact Company Ltd. is a Korean leader in offshore wind turbine foundation engineering, fabrication and installation (suction buckets).
Offshore wind turbines, which are a renewable energy source installed in public waters or coastal waters, saw more than 2,000 orders (worth approximately KRW 400 trillion) globally in 2018. The size of the market continues to grow at a rapid pace.
Representative Director KIM, Nam-chul of Young Hwa Engineering stated the company’s future ambitions: “Having secured technical expertise in foundations, a critical structural component of offshore wind turbines, we will build on this augmented competitive power to become a leader in Korea’s offshore wind power generation sector.”
Correspondent KIM, Jun-heon