h Korean company invests millions in Nova Scotia

Nova Scotia's green economy is continuing to grow through a new venture led by the province of Nova Scotia and Daewoo Shipbuilding and Marine Engineering Ltd. (DSME). Announced in early March, DSME will establish a wind turbine tower and blade manufacturing facility at the former TrentonWorks site, creating hundreds of jobs. The province is investing a total of $80-million and getting an equity stake in the Pictou County operation.

“Today is an exciting day, because this partnership will help create the secure jobs our economy needs, employing up to 500 Nova Scotians within three years,” said Nova Scotia premier Darryl Dexter. “This new facility will also showcase and develop Nova Scotia's leadership in renewable energy and the green economy.”

DSME is a diversified company and one of the world's largest ship builders. The South Korean-based company was established in 1973 and today is a builder of commercial and naval ships and offshore projects. In 2009, DSME acquired DeWind Inc., an American wind turbine engineering company, and announced plans to expand into the wind-power sector and build a production plant in North America.

DSME and the province signed a shareholders agreement and commitment to an equity investment. DSME is contributing $20.4 million and will hold 51 per cent of the common shares and the province is contributing $19.6 million and will hold 49 per cent of the common shares. The province will also have representation on the board of directors. The agreement is the result of more than a year of work that began with a memorandum of understanding to explore economic opportunities. The original memorandum was developed by DSME, the departments of Energy and Economic and Rural Development, and Nova Scotia Business Inc.

DSME also announced it signed a memorandum of understanding with Nova Scotia Power for a formal process for the companies to collaborate on developments that help meet renewable generation goals in Nova Scotia. The companies will also focus on potential on-shore wind, tidal energy and offshore wind projects.

Shear Wind Inc. of Halifax has been approved to develop the wind farm. “This is a great move for Nova Scotia's wind industry,” said CEO Mike Magnus. “Shear Wind's future wind-project plans could keep this plant busy for years to come; the combination of our turbine tower requirement and DSME's production capacity truly leads to a made in Nova Scotia solution.”

With files from Nova Scotia Comes to Life, the Government of Nova Scotia, and Shear Wind Inc.