Equinor has committed to provide its expertise in floating wind and offshore technologies to the collaboration.
Equinor, a Norwegian power provider, has signed a memorandum of understanding with Korea East-West Power (EWP), a subsidiary of South Korean energy corporation Korea Electric Power Corporation.
The two firms will collaborate to build 3GW of offshore wind power in South Korea. The collaboration is meant to help South Korea’s energy transition initiatives and offshore wind sector.
The government of South Korea has set a goal of constructing 60GW of renewable energy by 2034. This will entail generating around 12GW from offshore wind by 2030.
“South Korea intends to become one of the major global markets for offshore wind in the coming decade,” said Equinor Renewables executive vice president Pål Eitrheim. “We are prepared, in collaboration with EWP, to contribute to the country’s short and long-term ambitions.”
“We intend to build South Korea’s first commercial floating offshore wind farm.” We’ve dealt with the Korean supply chain for many years and are familiar with its strengths and weaknesses.” We see a great opportunity to combine our knowledge in establishing a new industry with Korea’s world-class supply chain.” The arrangement with EWP is part of Equinor’s ambition to accelerate its renewable expansion in ‘attractive’ areas.
According to New report, the projects would include floating turbines to take advantage of South Korea’s deep coastal waters.
Equinor will provide its expertise in floating wind and offshore technologies, as well as its operations and maintenance skills, as part of this collaboration. Equinor struck a deal for an offshore wind farm in the North Sea with RWE Renewables and Hydro REIN in May.
The three businesses intend to build a bottom-fixed offshore wind farm in the Srlige Nordsj II region, which borders the Danish North Sea territory. The Srlige Nordsj II region is anticipated to be capable of providing considerable amounts of renewable energy to countries seeking to decarbonize their energy mixes.