On 12 May, Denmark’s offshore shipping company Esvagt and KMC Line signed a joint venture agreement focused on the South Korean offshore wind market.
Through a joint venture partnership with the Korean shipping company, Esvagt will deploy its knowledge in the growing South Korean offshore wind market, where current plans include as much as 18.3 GW capacity to be established by 2030.
The new joint venture, KESTO, is well into constructive discussions with partners on several Korean offshore wind farms to be established from 2027 onwards, according to Esvagt.
“The potential of the Korean offshore wind market is very attractive, but as an emerging market it also comes with unknowns. International developers and turbine manufacturers have a heightened focus on using well-known partners and respected suppliers when much else is new. That is to our advantage,” said Søren Karas , CEO of Esvagt.
“We have a strong industrial base in South Korea but lack experience and the standard of service quality in the offshore wind industry. When we combine ESVAGT’s expertise and experience in SOVs with KMC Line’s regional maritime knowledge, I am convinced that KESTO will raise the bar for both safety and service quality in the industry,” added James Jonghoon Kim , president and CEO of KMC Line.
In February 2024, ESVAGT entered the Korean offshore wind market through a tie-up with KMC Line. The companies signed a letter of intent to collaborate on unlocking the potential for renewable energy production in South Korea.
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