Nova Scotia Signs Agreement with South Korea’s Daewoo Shipbuilding and Marine Engineering

The government of Nova Scotia announced a new venture between the province and Daewoo Shipbuilding and Marine Engineering Ltd. (DSME) of South Korea. DSME will establish a wind turbine tower and blade manufacturing facility at the former TrentonWorks site. The province is investing almost $60-million and taking an equity stake in the Pictou County operation. DSME is contributing $20.4 million in equity and will hold 51% of the common shares and the province is contributing $19.6 million and will hold 49% of the common shares. DSME also announced it signed a MOU 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.