Vestas declares intention to invest in maturing wind supply chain in South Korea

SINGAPORE,Jan. 19,2023 -- On January 18 2023,Vestas declared its intention to become a key investor in establishing and maturing the offshore wind supply chain in South Korea. At a ceremony held at the World Economic Forum 2023 in Davos,Vestas signed and submitted a Foreign Investment Notification Form to the Ministry of Trade,Industry and Energy (MOTIE) of South Korea,in the presence of Mr. Yoon Suk-Yeol,President of South Korea. Investment plans outline the potential for several hundred million USD,and are dependent on a growing market for offshore wind.

Vestas and MOTIE strengthening partnership.

Offshore wind is a flourishing market in South Korea,and wind energy will play a central role in South Korea's journey towards fulfilling its climate and energy security ambitions. With its industry-leading expertise in global manufacturing,Vestas is ready to support South Korea's climate journey as a key industrial partner. The investment will help establish an effective and sustainable industrial supply chain for offshore wind and create thousands of direct and indirect jobs for the future,which will contribute to the growth of the wind energy industry in South Korea.

"We would like to thank the South Korean government for their support and look forward to continuing a close collaboration as we work to shape an optimal market framework for offshore wind," says Henrik Andersen,Group President & CEO of Vestas. "South Korea holds promising prospects for wind energy development and the potential to become a key wind hub in the energy transition. Vestas is ready to be part of it and contribute to maturing the wind energy industry in South Korea."

The full details of Vestas' investment approach are currently under consideration. Further information will be communicated when the plan is finalised.

For media inquiries,please contact:

Megumi Sakuma

Marketing & Communications Manager,Vestas Asia Pacific

Tel: +81 90 6723 5325

Mail: mgskm@vestas.com

About Vestas

Vestas is the energy industry's global partner on sustainable energy solutions. We design,manufacture,install,and service onshore and offshore wind turbines across the globe,and with more than 160 GW of wind turbines in 88 countries,we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 140 GW of wind turbines under service,we use data to interpret,forecast,and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers,Vestas' more than 28,000 employees are bringing the world sustainable energy solutions to power a bright future.

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