Shanghai Electric joint venture establishment targeted for this year
Hyosung Heavy Industries is accelerating its push into the offshore wind turbine business, which had stalled for some time. The company aims to establish a joint venture with a global top-tier partner and build a domestic production system through participation in government projects, marking a full-fledged return to the market.
According to reporting on October 15, 2026, Hyosung Heavy Industries plans to undertake multiple measures this year to strengthen its offshore wind turbine business capabilities. The most symbolic signal is the pursuit of a joint venture establishment agreement with Shanghai Electric. Based on reporting, Hyosung Heavy Industries is in discussions with Shanghai Electric to conclude a joint venture establishment agreement this year.
Hyosung Heavy Industries originally signed a memorandum of understanding (MOU) with SE Wind, a subsidiary of Shanghai Electric Group, in 2021 and announced plans to enter the large offshore wind turbine market. The strategy was to establish a joint venture with a leading overseas company and produce turbines, the core equipment for large offshore wind power generation, domestically, thereby advancing related business capabilities.
