NS and Daewoo partner on wind turbine plant
By DE staffGeneral contracts Energy turbine Wind
Korean manufacturer chooses Nova Scotia for North American production plant.
Korea-based Daewoo Shipbuilding & Marine Engineering (DSME) and the province of Nova Scotia have partnered on a North American production centre for wind turbine towers and blades. The operation will be located in Trenton, Pictou County, creating up to 500 direct jobs and is expected to be operational by fall 2010.
The terms of a shareholder agreement will see DSME contribute $20.4 million for 51 per cent of the common shares. The Province will hold 49 per cent of the common shares and is contributing $19.6 million. Nova Scotia is also providing start-up financing, a loan for new equipment, working capital and a loan to acquire land and buildings.
The government of Canada announced that it intends to invest $10 million in the plant. The investment, through the Atlantic Canada Opportunities Agency, will be a $5-million repayable loan and a $5-million contribution for adjacent land improvements.
This venture is the result of more than a year of work that began with signing a memorandum of understanding to explore economic opportunities. The original memorandum was developed by DSME, the Nova Scotia government departments of Energy, Economic and Rural Development and Nova Scotia Business Inc.