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Dajin Heavy Industry, a leading Chinese provider of offshore wind turbine foundations, has secured its first order worth 1.3 billion yuan (approximately $175.5 million) under a long-term contract signed with a European client early last year.
The company will supply monopiles, transition pieces, and auxiliary structural components for large-scale offshore wind farms to a European developer. Delivery is slated to be completed by the end of next year, the Beijing-based manufacturer announced yesterday.
In April of the previous year, Dajin Heavy entered into a binding agreement with the European company for the latter to purchase up to 400,000 tons of offshore wind foundation components from 2024 through 2030. The client also paid a one-time lock-up fee of 14 million euros (around $16.4 million).
The fact that the client paid the lock-up fee over a year ago but only placed the initial order now indicates that demand for Dajin Heavy’s products remains robust.
This first order accounts for roughly a third of the company’s audited revenue last year and is expected to bolster its financial performance next year, the company stated.
The European developer specializes in the development, construction, and operation of offshore wind projects across Europe, Asia, and North America.
Since 2022, Dajin Heavy has secured several orders from European firms, including four just this year. Its manufacturing facility in Penglai, located in eastern China’s Shandong province, is the only plant in the Asia-Pacific region capable of mass-producing monopiles for ultra-large offshore turbines destined for the European market. It also stands as the largest monopile manufacturing plant in the region.
Shares of Dajin Heavy were trading up 1.8% at CNY41.34 (about $5.80) during midday trading in Shenzhen today.
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