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Stepping Up Korean Offshore Wind Plans, 3 GW Collaboration With EWP

Equinor has signed a Memorandum of Understanding (MoU) with Korean East-West Power (EWP) to cooperate on 3 GW of offshore wind projects in South Korea. Together the partners will contribute significantly to the country’s ongoing energy transition and development of the offshore wind industry in Korea.

The Korean Government has planned to grow renewables by ~60 GW by 2034, of which 12GW is targeted for offshore wind by 2030.

Equinor’s partnership with EWP, one of Korea’s state-owned power generation companies (‘Gencos’), provides a solid basis for the offshore wind major to take a leading role in developing a pipeline of offshore wind projects needed.

Wind Power Market, 2021 Update - Global Market Size, Turbine Market Share, Average Turbine Size, and Key Country Analysis to 2030

Wind Power Market, 2021 Update - Global Market Size, Turbine Market Share, Average Turbine Size, and Key Country Analysis to 2030

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“South Korea aims to become one of the leading global markets for offshore wind in the next decade. Together with EWP, we are ready to contribute to the country’s plans, in the short and the long-term. We want to develop the first commercial floating offshore wind farm in South Korea. We have worked with the Korean supply chain for many years and know its qualities and capabilities. We see a big potential to leverage our experience in building a new industry together with Korea’s world-class supply chain”, says Pål Eitrheim, executive vice president in Renewables in Equinor.

The MoU between Equinor and EWP confirms Equinor’s strategy of accelerating profitable growth in renewables by creating value from early access at scale in attractive markets in collaboration with partners that share its vision and goals. The Korean coastal water depths require floating solutions to realize the South Korean Government’s renewables ambitions. Equinor will bring its decades of floating wind experience and offshore technology to the partnership, including O&M expertise.

Source: Equinor
Date: Nov 17, 2021


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