South Korean Companies Enter Offshore Wind Partnership

Korea-headquartered Hanwha Ocean has signed a memorandum of understanding (MoU) with its compatriot Hyundai Engineering & Construction (Hyundai E&C) to strengthen the country’s offshore wind supply chain and promote localisation.

Through this MoU, the two companies agreed to establish a domestic offshore wind engineering, procurement, and construction (EPC) partnership, starting with the Shinan Ui offshore wind project.

The agreement also includes Hanwha Ocean’s construction of wind turbine installation vessels (WTIVs).

Hanwha Ocean secured permits for offshore wind projects totalling 2 GW, including the 390 MW Shinan Ui wind farm.

Hyundai E&C gained knowledge from completing South Korea’s first offshore wind farm, the Southwest Sea Demonstration project, and the Jeju Hanlim Offshore Wind Power Project.

Hanwha Ocean said the Shinan Ui project is planned to finalise financing and start construction in October, with Hyundai E&C joining as a construction investor and joint contractor.

At the beginning of this year, the Korean Ministry of Trade, Industry and Energy (MOTIE) announced that Korea South-East Power (KOEN), a subsidiary of Korea Electric Power Corporation (KEPCO), is withdrawing from the 390 MW offshore wind farm.

On 19 August, Hanwha Ocean revealed that it plans to construct its own WTIV capable of installing 15 MW wind turbines, which will be used on future projects alongside Hyundai E&C.

The Shinan Ui offshore wind farm is proposed to be built in the waters off Sinan County in South Jeolla Province and is planned to comprise 26 Vestas V236-15.0 MW turbines.

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