South Korea’s Korea Southern Power (KOSPO) has unveiled plans to deploy 11.2 GW of renewable energy capacity by 2040, including major offshore wind investments.
The state-owned utility presented a roadmap during a renewable energy investment briefing held in Seoul on 28 May, attended by around 190 representatives from financial institutions, developers, equipment suppliers, and technology companies.
KOSPO said it plans to build 3.4 GW of renewable energy capacity over the next five years and expand this to a cumulative 11.2 GW by 2040, with offshore wind, solar power, and energy storage systems (ESS) identified as key growth areas.
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As part of the event, the company signed memoranda of understanding (MoUs) with eleven companies across five sectors, including financing, project development, technology development, and energy storage.
In offshore wind, KOSPO signed an agreement with Doosan Enerbility covering equipment supply and domestic supply chain cooperation for the Yeonggwang Yawol and Busan Dadaepo offshore wind projects.
The company also entered a strategic partnership with Bright Energy Partners for joint participation in South Korea’s ESS central contract market, which KOSPO says is aimed at strengthening competitiveness in the offshore wind and energy storage sectors.