CS Wind, a South Korean company that is the world’s largest producer of wind towers, is to invest more than US$126 million in two recently acquired factories in Portugal.
China-Lusophone Brief reports that the bulk of the investment will be at a plant in Aveiro, on Portugal’s west coast, where offshore wind towers are made. Upgrades will also be made at a nearby facility in Sever do Vouga.
The two plants were acquired when CS Wind took full ownership of Portuguese wind turbine maker ASM Industries in 2022 – then one of the largest such companies in Europe.
CS Wind says it plans to triple its production capacity in order to cater to high demand in the European and North American offshore markets.
The global market for wind energy was estimated at almost US$80 billion in 2021 and is forecast to exceed US$151 billion by the end of this decade.
Last year, wind electricity generation increased by a record 273 terawatt hours or 17 percent from the previous year, making it a top performer among renewable power technologies.