Daewoo will pay Composite Technology Corporation (CTC) $46.5m for all of DeWind’s operating assets and liabilities and around $3 m more for additional assets which are subject to possible post-closure adjustments. The transaction is expected to be completed over the next 30 days.

“This transaction will help DSME enter the global wind energy market and to establish a strong presence in that market,” says DMSE President and chief executive Sang Tae Nam.

“We will leverage DSME's world class engineering and manufacturing capabilities and DeWind's technology and experience to become one of the world leaders in the wind energy sector”.

DeWind designs and produces a series of wind turbines, including the D8.2 2-megawatt (MW) model, the 2MW D8 model and the 1.25MW D6 model.

The D8.2 turbine uses Voith’s WinDrive torque converter in combination with a high voltage generator that is synchronised directly to the grid without the use of power conversion electronics. The D8.2 turbines are assembled at the TECO Westinghouse Motor Co plant in Texas.

CTC Chief executive Benton Wilcoxon says, "With DSME's strength and manufacturing expertise, I believe that the DeWind team and its products will be able to accelerate growth plans. This transaction will allow CTC to focus its resources on its core-business of innovative high performance electrical transmission products."

DSME is the world's second largest shipbuilder with an annual capacity of 75 vessels and 7-8 large-scale offshore structures such as semi submersibles and Floating Production Storage & Offloading (FPSOs).

DSME was spun off from the Daewoo conglomerate in 2000. State controlled Korea Development Bank and KAMCO currently own 50% in DSME. Fellow South-Korean industrial group Hyundai Heavy has also announced ambitious plans to development in the wind generation sector.