Vestas to relocate Asia-Pacific HQ to Seoul in September

Denmark-based Vestas, the world's top wind turbine manufacturer, is set to move its Asia-Pacific regional headquarters from Singapore to South Korea in September 2023.

The decision comes as part of a $300 million investment plan, which includes the establishment of a wind turbine equipment and component manufacturing plant in the country.

South Korea's Ministry of Trade, Industry and Energy announced on Monday that Minister Lee Chang-yang and Vestas Group president and CEO Henrik Andersen discussed the investment and relocation plans at the Lotte Hotel Seoul.

Supplying over 160 gigawatts of wind turbines worldwide, Vestas' commitment to South Korea reinforces the company's position as a leading player in the global wind power industry.

The company plans to break ground on the new manufacturing plant in early 2024, following the headquarters' move in September 2023.

Earlier this year, Vestas reported its proposed investment to the South Korean government during President Yoon Seok-yeol's visit to the World Economic Forum in Switzerland. In March, a memorandum of understanding was signed with the Seoul Metropolitan City Government, solidifying the relocation plans.

As South Korea rapidly expands its wind power facilities amid its transition to carbon neutrality, Vestas aims to enhance its partnerships with domestic wind power material and component companies. 

"Vestas' decision reflects South Korea's growing recognition as a crucial investment hub in the Asia-Pacific region," the Minister Lee said.

Write to Hyung-Kyu Kim at khk@hankyung.com