Norway-based energy company Equinor announced today an agreement with Korean state-owned power generation company East-West Power (EWP) to cooperate on 3 GW of offshore wind projects in South Korea.
The two partners will work together to contribute to the country’s ongoing energy transition and development of an offshore wind industry in Korea.
South Korea, one of the top ten carbon emitters in the world, is likely to become one of the hottest markets for renewable energy investment over the next few years. In October, South Korean President Moon Jae-in announced that the country would aim to achieve carbon neutrality by 2050. Moon’s pledge included trillions of won to be invested in transforming the country’s coal-reliant energy infrastructure to a renewable energy base, and the government has set an ambition to grow renewables by 60 GW to 2034, including 12 GW of offshore wind capacity. Earlier this year, the country announced plans to invest over $43 billion to construct the world’s largest offshore wind farm, an 8.2-gigawatt project.
According to Equinor, given the Korean coastal water depths, floating solutions are required to realize the South Korean Government’s renewable ambitions. Equinor will bring its floating wind experience and offshore technology to the partnership, including operation and maintenance (O&M) expertise. Equinor operates the world’s first floating wind farm, and currently constructing the world’s largest floating offshore wind farm under development.
Earlier this year, Equinor announced its transition strategy that includes major investment in renewable energy capacity, with gross expected investments of around $23 billion from 2021 to 2026.
Pål Eitrheim, Executive Vice President in Renewables at Equinor, said:
“South Korea aims to become one of the leading global markets for offshore wind in the next decade. Together with EWP, we are ready to contribute to the country’s plans, in the short and the long-term. We want to develop the first commercial floating offshore wind farm in South Korea. We have worked with the Korean supply chain for many years and know its qualities and capabilities. We see a big potential to leverage our experience in building a new industry together with Korea’s world-class supply chain.”