Daewoo Shipbuilding & Marine Engineering Co., South Korea's No. 2 shipbuilder, said Sunday that its U.S. affiliate DeWind Inc. has won a US$130 million order to supply wind power turbines to a Canadian research institute.
The deal calls for DeWind to provide Weican of Canada, a research institute for wind power, with 55 wind power turbines that have an output of 2.0 megawatts by 2012, Daewoo Shipbuilding said.
Daewoo Shipbuilding took over DeWind in 2009 for $50 million as part of efforts to diversify its revenue sources amid falling new shipbuilding orders.
Last year, Daewoo Shipbuilding established a joint venture with the Canadian province of Nova Scotia to build a wind farm and manufacture turbines.
Daewoo Shipbuilding holds a 51 percent stake in the joint venture with the remaining held by Nova Scotia.
The joint venture will be able to produce 600 wind turbine blades and 250 windmill towers annually.