Wind power specialist Unison is poised for a quantum leap in performance, backed by abundant order backlog worth 100 billion won and a 10MW offshore wind turbine, the largest capacity domestically. Sharp improvement in results is expected as the company leverages its infrastructure to provide total solutions spanning business development, construction (EPC), and maintenance (O&M), along with the operation of large-scale offshore wind projects and policy support.
From the second half of this year, order backlog will enter production and begin to be recognized as revenue. Additionally, the company has concluded a contract to supply turbines to the Hanbit Offshore Wind Farm to be built off the coast of Yeonggwang, Jeollanam-do, putting finishing touches on improved profitability.
102.3 billion won in order backlog, production ramp-up in second half
Unison's order backlog as of the first half of this year totals 102.291 billion won. As the company works through abundant projects, order backlog is being steadily recognized as revenue.
Unison has successfully completed major wind farm development and EPC projects including Yeonggwang-Baeksu 40MW, Uiryeong 18.75MW, Jeongam 32.2MW, Yeonggwang 79.6MW, and Omisan 60.2MW. On this foundation, the company has accumulated track records at the industry's highest level, demonstrating its technical capabilities and project execution capacity.
With a complete integrated system and expertise spanning business development, design, construction, and maintenance, the company is expected to accelerate profitability improvement as it ramps up second-half operations in earnest. The abundant order backlog is expected to serve as a stable foundation for large-scale offshore wind projects that will accelerate going forward. As the company advances construction on wind power projects in operation, the operating rate at its factory in Sacheon, Gyeongsangnam-do, is also recovering rapidly.
10MW turbine commercialization and leading 20MW R&D
Unison's medium to long-term momentum lies in distinctive research and development capabilities and early market capture in large-scale offshore wind power.
Following completion of development of a 10MW offshore wind turbine, the largest capacity domestically, the company is proceeding without delay through international type certification procedures with a target for commercialization in the first half of next year. The 10MW turbine is slated for deployment in major projects including Hanbit Offshore Wind Farm and is regarded as the key engine driving Unison's quantum leap in performance.
Technological evolution does not stop there. Following the 10MW class, Unison is leading basic design of offshore wind turbines of 20MW and above and development of 6MW onshore turbines through national projects, closely pursuing global leaders. Government policy support, including the push for the Special Act on the Promotion of Offshore Wind Power Deployment and the Development of Related Industries, is also strengthening Unison's momentum. Once licence simplification and local government-level project development support take full effect, there is a high likelihood that domestic large-scale offshore wind farm development projects will follow in succession.
A Unison official said, "As abundant order backlog exceeding 100 billion won is reflected in full-fledged revenue from the second half, performance improvement and profitability recovery will accelerate. We will complete the localization and commercialization of next-generation 10MW offshore wind turbines without delay, successfully execute large-scale projects such as Hanbit Offshore Wind Farm, and establish ourselves as the leading company spearheading the domestic offshore wind market."
Original Korean article: Bloter
English brief by Korea Wind Intelligence, koreawindintel.com
