Equinor and KOSPO Join Forces Offshore South Korea

Business development

December 6, 2023, by Adnan Memija

Korea Southern Power (KOSPO) and Equinor have signed a Memorandum of Understanding (MoU) to explore a potential collaboration on offshore wind projects near Chuja Island in South Korea.

Under the agreement, KOSPO will collaborate with the Norwegian state-owned company Equinor to potentially develop large-scale offshore wind projects near Chuja Island.

KOSPO expects that its collaboration with Equinor will strengthen its capabilities in large-scale renewable energy projects which includes exchanging knowledge in the construction and operational management of offshore wind power.

“The MOU with Equinor, will greatly assist in expanding our company’s renewable energy business. We also hope it will lay the foundation for Korea Southern Power’s transition to a low-carbon power generation system and to lead the future energy industry,” said Lee Seung-woo, President of KOSPO.

Through the agreement, the two companies seek to contribute to Korea’s goal of achieving carbon neutrality by 2050 through expanding sustainable future energy generation.

“Working together on the Chuja Island offshore wind projects, we are combining our strengths to not only enhance the development of renewable energy in Korea but also to contribute in a meaningful manner to the nation’s goal of achieving carbon neutrality by 2050,” said Bjørn Inge Braathen, Country Managing Director of Equinor Korea.

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Recently, Equinor signed two agreements with other Korean companies, one related to the 750 MW Ulsan Firefly floating offshore wind farm and another related to the up to 1.5 GW Hoopoong and Chujin wind projects, located approximately 10-40 kilometres east and west of Chuja Island.

Under its Renewable Energy 3020 Implementation Plan, South Korea plans to develop 12 GW of offshore wind projects by 2030.