Vestas to Relocate Asia-Pacific Headquarters From Singapore to Seoul

Danish wind turbine manufacturer Vestas is set to move its Asia-Pacific regional headquarters from Singapore to South Korea in September 2023 and plans to start a construction plant in South Korea for core wind turbine equipment in 2024.

The move follows the signing of a memorandum of understanding in March this year between Vestas and the Seoul Metropolitan City Government, establishing the relocation plans and a US$300 million investment plan, which includes the establishment of a wind turbine equipment and component manufacturing plant in the country.

According to news agency Yonhap, South Korea’s Ministry of Trade, Industry and Energy Lee Chang-yang and Vestas Group president and CEO Henrik Andersen discussed the investment and relocation plans at a meeting in Seoul on Monday, June 26.

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

The Danish company said it plans to break ground on the new manufacturing plant in early 2024, following the headquarters’ move in September 2023 and aims to deepen its relationship with domestic wind power material and component companies in the country.