South Korean SK oceanplant, the offshore wind power business arm of SK ecoplant, and Corio Generation, a portfolio company of Green Investment Group (GIG), have signed a memorandum of understanding (MoU) to work together on offshore wind projects in six regions around the world.
Under the MoU, the two companies plan to collaborate on projects in and outside of South Korea such as the UK, Australia, Taiwan, and Busan with a total capacity of 6.8 GW.
SK oceanplant, a wind turbine foundation manufacturer, will supply foundations and offshore substations while Corio will be in charge of developing the offshore wind business, investing, and managing.
By partnering with SK oceanplant, Corio plans to accelerate its business in Korea and other countries including its offshore wind farm projects in Chungsapo and Dadaepo in Busan, a bottom-fixed offshore wind project, SK ecoplant said.
Corio, a portfolio company of GIG, was founded in April 2022 and is developing offshore wind farm projects totaling more than 20 GW.
When it comes to SK oceanplant, the company plans to build a new plant for offshore wind substations in Goseong, South Gyeongsang, with an annual production capacity of 650,00 tonnes.
From there, the firm also plans to produce its K-Floater, a floating body model for offshore wind power developed with domestic technology.
“SK oceanplant is transforming as a global offshore wind power operator as demonstrated by its acquisition of 51% of stake in an offshore wind farm project in Taiwan as well as its entry into the Japanese offshore wind market. This partnership is expected to bring synergy to one of the fastest-growing markets in the world, the global offshore wind market”, said Seung-Chul Lee , CEO of SK oceanplant.