South Korea, UK Strenghten Offshore Wind Ties

Outlook & Strategy

November 24, 2023, by Adnan Memija

The Republic of Korea (ROK) and the UK have signed a memorandum of understanding (MoU) concerning cooperation on offshore wind energy.

The UK and ROK already have a proven relationship in offshore wind, with large-scale investments in the UK’s supply chain and in the development of ROK’s offshore wind sector.

This MoU emphasises the will to build on this existing cooperation to accelerate deployment, address barriers to trade, and encourage mutual economic development through regular government-to-government dialogue and business-to-business cooperation, according to the partners.

The participants will support the UK and ROK’s offshore wind deployment by sharing experience and expertise from their respective sectors.

In addition, participants accept to promote business activities and facilitate opportunities for UK and ROK companies to collaborate in ROK and the UK, as well as joint offshore wind projects in third countries, according to the press release from the UK Government.

The news follows the recent announcement from South Korea’s Ministry of Trade, Industry and Energy that two UK companies, Corio Generation and BP, submitted investment plans for offshore wind projects in South Korea totalling about EUR 1.06 billion.

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The UK has the world’s second-largest installed offshore wind capacity, with a government target to more than triple this capacity by 2030 to 50 GW, including 5 GW of floating offshore wind.

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.