POSCO and CIP Sign Offshore Wind and Green Hydrogen MoU

Outlook & Strategy

June 27, 2023, by Adnan Memija

POSCO International has signed a Memorandum of Understanding (MoU) with Denmark-based Copenhagen Infrastructure Partners (CIP) to cooperate on offshore wind and green hydrogen business development.

Under the MoU, the two companies will work together to develop offshore wind projects in Pohang, which would serve as a base for supplying renewable energy to POSCO’s Pohang Steelworks and POSCO Future M, located in the region.

The partners also agreed to cooperate on green business development such as green hydrogen and green ammonia.

POSCO International said it plans to expand its renewable energy business centering on offshore wind power. The company added that its goal is to actively enter into the domestic offshore wind business with growth potential in cooperation with other overseas offshore wind companies in Korea.

“Recently, the company announced its transformation into a ‘global eco-friendly general business company and has been pursuing qualitative growth in the energy business through expansion of the renewable energy business. It is expected to be a good opportunity to enter the business field in earnest, and furthermore, to establish a bridgehead for cooperation in the green business field”, said Jeong Tak, POSCO International Vice Chairman.

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In offshore wind, POSCO already has a project under development in South Korea. The 300 MW offshore wind farm is located in the waters west of Jaeun Island in Sinan county.

In May last year, POSCO signed an MoU with CIP as well to cooperate on offshore wind and green hydrogen business development.