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South Korea’s CS Wind ASM to invest 260 million euros in Portugal project

As well as aiming to triple company’s production capacity, the project will also create up to 400 jobs over the next three years.

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As well as aiming to triple company’s production capacity, the project will also create up to 400 jobs over the next three years.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 4:45 am

CS Wind ASM will invest around 260 million euros over the next four years with the aim of tripling production of wind towers and offshore foundations at its industrial facilities in Portugal.

The project in the port of Aveiro by the South Korean company is the biggest of 26 investment tax contracts approved in the last week of 2021 by the Portuguese government, according to Economia Online. 

The project will benefit from a tax credit of up to 16.6 million euros and should create 400 jobs by 2025.

The factory dedicated to offshore segment currently produces less than 100 units per year in Aveiro’s Logistics and Industrial Activities Zone, located in the municipality of Ílhavo.

The group also owns a factory in Sever do Vouga, which annually makes close to 200 onshore towers to be installed in wind farms.

A private 200-metre dock was built for CS Wind ASM in Aveiro, which so far is the only one at national level dedicated to offshore cargo.

The first ship docked on 26 December to unload 12 components for wind towers. To strengthen its position as a “strategic hub for the offshore industry”, the port administration plans to increase the length of the quay to 1,000 metres.

In total, CS Wind ASM currently employs nearly 350 workers, with 140 of them working at the new port facility.

The company exports 99 per cent of its production, mainly to Europe and Latin American countries such as Bolivia, Paraguay and Uruguay.

CS Wind has a turnover of US$1 billion a year and a market capitalisation of US$3 billion.

It also has factories in China, Vietnam, Taiwan, Malaysia and the US, where it bought a factory from Denmark’s Vestas this year, CLBrief reported.

 

UPDATED: 22 Dec 2023, 4:45 am

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