UK-Korean Companies Join Forces to Expand South Korean Offshore Wind Market!"

2023-05-25 11:28

Date: May 17th

London-based Corio Generation and Seoul-based Daewoo E&C have signed a memorandum of understanding for a South Korean offshore wind project. According to the memorandum, Corio Generation and Daewoo E&C have agreed to explore collaboration opportunities in developing bottom-fixed offshore wind projects. This encompasses all three projects in Corio's portfolio in Busan: Gijiang with a capacity of up to 200MW, Cheongsapo with 40MW, and Dadaepo with 96MW. These developments enable Corio Generation to seek further potential opportunities in the Asia-Pacific region.

Corio Generation will be responsible for project development, investment, and project management, while Daewoo E&C will provide engineering, procurement, and construction (EPC) support under the agreement. Woo Jin Choi, the Head of Corio Generation in South Korea, stated, "Both companies recognize the crucial role of offshore wind power in energy transition and achieving carbon neutrality goals. Through this memorandum of understanding, we will maximize synergies, utilize our respective expertise and resources, and actively contribute to the development of renewable energy domestically and globally."

The signing ceremony took place at Daewoo E&C's office in the central district of Seoul, with executives from both companies in attendance, including Jung Wan Baek (CEO of Daewoo E&C), Seung-il Cho (Director of Daewoo E&C's Plant Projects Division), Jonathan Cole (CEO of Corio Generation), and Woo Jin Choi.

This agreement serves as the latest evidence of Corio Generation's establishment of a local partnership team and joint development of offshore wind projects in Busan and other regions of South Korea.

As early as March this year, Corio Generation signed a memorandum of understanding with SK Oceanplant, the offshore wind business division of South Korea's SK Ecoplant, to collaborate on offshore wind projects in six global regions.

According to the memorandum, the two companies plan to collaborate on projects in the UK, Australia, Taiwan, and Busan, with a total installed capacity of 6.8GW. Corio Generation will be responsible for offshore wind business development, investment, and management, while wind turbine foundation manufacturer SK Oceanplant will provide foundations and offshore substations.

As part of its green new deal, South Korea aims to derive 20% of its electricity from renewable sources by 2030, with a target of 12GW for offshore wind power installations.