South Korea’s Ministry of Trade, Industry and Energy has revealed that two energy companies, Corio Generation and BP, have submitted investment plans for offshore wind projects in South Korea totalling 1.5 trillion won (about EUR 1.06 billion).
The announcement was made on 22 November during South Korean President Yoon Suk Yeol’s state visit to the UK.
The investments are expected to expand the demand for domestic companies in core equipment fields such as tower structures, turbines, and power cables, and support the local economy and create jobs, said the ministry.
Corio Generation is a portfolio company of Macquarie Asset Management’s Green Investment Group. The company is developing eight offshore wind farms totalling 2.9 GW in South Korea and plans to accelerate the promotion of these projects through this investment.
Corio’s floating wind portfolio includes the 1.5 GW Gray Whale project in South Korea, which is expected to be one of the largest floating offshore wind farms in the world.
BP, a British energy company, has reported investment in an offshore wind project being developed on the southern coast of South Korea and plans to continue to expand its investment in the country’s renewable energy sector, according to the ministry’s press release.
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Back in 2018, the South Korean Government set a 2030 offshore wind target of 12 GW in its Renewable Energy 3020 Implementation Plan, which was reaffirmed by the now-former South Korea’s president Moon Jae-in in 2020. Since 2022, it has been reported that the country has a target of reaching 14.3 GW of offshore wind power by 2030.