Teco Electric & Machinery Co (東元電機) and China Steel Corp (CSC, 中鋼) yesterday launched a wind power joint venture targeting Taiwan’s 4,000 megawatt (MW) offshore wind turbine business.
At the joint venture’s first board of directors’ meeting yesterday, former Teco chairman Liu Chao-kao (劉兆凱) was tapped to be the chairman for the newly created firm, which is to focus on making turbines used in wind farms.
Teco makes industrial motors and home appliances. Thanks to ample experience in the machinery and electricity-generating industries, Teco has in recent years received domestic and international wind turbine orders.
In May, Teco’s board approved a plan to spend NT$300 million (US$9.6 million) in the joint venture with CSC’s subsidiary China Steel Machinery Corp (中鋼機械).
“The company is to build its first test wind turbine with a capacity of 5MW in Taichung Harbor by the end of this year, in preparation to vie for the nation’s offshore wind farm business, valued at hundreds of billions of [New Taiwan] dollars,” Teco said in a statement.
The Bureau of Energy said the government plans to install offshore wind turbines with total capacity of 4,000MW by 2030, which are expected to generate NT$780 billion in revenue for the local wind energy industry and demonstrate potential business opportunities to interested parties.
The new joint venture in a statement said that it plans to acquire wind turbine manufacturing technology from European firms and plans to develop its own products for markets in Asia and North America.
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