German engineering giant Siemens AG (SI) and Associated British Ports Thursday said they have signed a memorandum of understanding to work together to develop plans for the construction of a new offshore wind turbine manufacturing and export facility at ABP's port in Hull , northeast England .

The U.K. wants to become a global leader in offshore wind technology and manufacturing and to create economic growth and jobs through green investment. The country is on the verge of a huge expansion of offshore wind over the next decade, estimated to cost around GBP100 billion, to help decarbonize the power sector and meet binding European Union climate change targets.

But even though the potential of the resource is huge, the sector has faced high development costs--estimated at around GBP3 million a megawatt--an underdeveloped supply chain, technology and engineering challenges, and a lack of grid infrastructure.

Siemens said last year the $80 million wind turbine factory would be ready for 2014, just ahead of the anticipated expansion in the U.K. of offshore wind construction. The facility would create around 700 jobs, Siemens said.
 
General Electric Co. (GE), Mitsubishi Heavy Industries Ltd. (7011.TO) and Gamesa Corporacion Tecnologica S.A. (GAM.MC) are also looking to invest millions in offshore wind turbine facilities in the U.K.

Siemens and ABP said in the statement they aim to sign definitive agreements this year.

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