The Netherlands: Korwind Aquires Major Stake in Typhoon Offshore

Typhoon Offshore B.V. and Korwind GMBH have reached an agreement for Korwind to acquire a substantial minority share in Typhoon Offshore. In Europe, Korwind serves as a representative of top South Korean industrial firms looking to gain a leading position in the international offshore wind industry, including such prominent firms as Daewoo Construction, Hankook Machine Tools, Hyosung, Hyundai Heavy Industry, Kepko, Korean Register, LS Cabling, Samsung and SPP. ‘With this move, Typhoon Offshore is serving as a link between Europe’s offshore wind industry and the Korean industry,’ says Dennis Lange of Typhoon Offshore. The agreement was announced officially during the Dutch-Korean New and Renewable Energy Forum organised by Kotra (the Korean Trade Association) in the Bel Air Hotel in The Hague.

Korean industry has tremendous opportunities to play a major role in the international offshore wind industry. Korea has a wealth of knowledge, as well as the means to invest in the construction of new wind farms. That was the view expressed by Typhoon Offshore co-founder and owner Dirk Berkhout during the forum: ‘Now that South Korea’s leading industrial firms are investing in Typhoon Offshore BV, we will make every effort to assist Korean industry in its efforts to gain a leading position in this market. We are now serving as the springboard for Korean industry to enter Europe’s offshore wind industry.’

Ten North Sea wind farms

According to co-founder and owner Dennis Lange: ‘Our new shareholder brings us a step closer to the realization of our ambitions. Within ten years, we want to build five to ten offshore wind farms in the North Sea. One year after our founding, we are already working on financing and structuring two wind farms. With Korean industry behind us, we have much greater clout, materially and financially. With our new shareholder, we will have access to significant working capital.’

Industrial wind farm construction

For the European offshore wind industry, cooperation with the Korean firms represents a step forward for the sector from what has been largely a smaller-scale, highly specialized activity to an industrial approach. This should bring with it considerable cost advantages. The immediate result could be that construction costs for offshore wind farms will fall.

Access to the offshore wind energy market

‘Typhoon Offshore has given a big boost to our plans to establish a presence in Europe,’ says Korwind CEO Mrs. Hee Jin Eun, who was nominated and elected as Korean BusinessWoman of the year 2010. ‘Typhoon Offshore is intent on realizing its ambition to build five to ten wind farms. For that reason, we’re acquiring a substantial minority stake in Typhoon Offshore. Offshore wind farms are really taking off in Europe, and together with the ambitious team at Typhoon Offshore, we are looking to offer Korean suppliers access to this growing green industry.’

Seoul office

‘Korwind’s involvement in Typhoon Offshore means that we are serving as the link between Korea’s offshore wind industry and the offshore wind industry in Europe,’ notes Dennis Lange. ‘With our new shareholder, we’ve decided that we will play a central role not just in the European wind industry, but also Korea’s wind industry. Therefore we plan to open an office in the Korean capital in the near future.’

Typhoon Offshore

Typhoon Offshore B.V. is a green investment company specializing in the construction of offshore wind farms in the North Sea. Typhoon Offshore is managing the structuring and financing of the BARD Nederland wind farms that are slated for construction in the North Sea, 80 kilometres northeast of Schiermonnikoog.

The Typhoon Offshore team previously oversaw the arrangements for the construction of the Belwind and Princess Amalia wind farms. Typhoon Offshore is a subsidiary of Typhoon Capital BV, which was established in 2009 by Dennis Lange and Dirk Berkhout.


Korwind GMBH focuses on the offshore wind industry in Europe and Korea. It is an independent enterprise, representing ten of Korea’s leading industrial firms. The company is establishing a presence in Europe in order to gain greater technological knowledge, wind energy know-how, and access to the dynamic market in Europe for offshore wind energy. Korwind was founded in 2009. Mrs. Hee Jin Eun leads the company from the corporate headquarters in Hamburg.


Source: typhooncapital, November 25, 2010