HD Hyundai Heavy Industries will begin operations in a former US naval base in the Philippines.
Specifically, a Philippine affiliate of US investment firm Cerberus Capital Management will lease a portion of a shipyard in Subic Bay Freeport Zone to HD Hyundai. HD Hyundai will initially build offshore wind platforms in the yard.
The shipbuilder is expected to start constructing wind platforms within the next 12 to 18 months and is projecting to invest about US$550 million over 10 years and generate around 10,000 jobs within three to five years.