Germany’s RWE forms offshore wind and green hydrogen alliance in South Korea
German utility and one of the leading renewable energy developers RWE has reached an agreement with Hyundai Engineering & Construction, a subsidiary of South Korea’s Hyundai Motor Group, to work together on offshore wind and green hydrogen projects.
Korean government targets 24 GW of offshore wind capacity by 2036 and the duo will, under a memorandum of understanding aim at leveraging synergies to accelerate the energy transition in the country, through promoting offshore wind along with contributing to ramping up the hydrogen economy.
Subject to favorable market conditions, the two partners plan to combine Hyundai’s hydrogen experience from its first Korean electrolysis plant for hydrogen production with RWE’s hydrogen expertise from various projects along the entire value chain.
The partnership also seeks to explore joint offshore wind business opportunities on a global scale.
“The world is now at a critical crossroads in the energy transition, said Young-joon Yoon, CEO at Hyundai E&C, adding: “I expect our collaboration with global leader RWE to be a remarkable step in meeting the demands of the times. We will continue to develop sustainable energy solutions to lead the domestic offshore wind industry and create new business opportunities in the renewable energy sector through the long-term partnership with RWE.”
RWE today operates 19 offshore wind farms with a pro-rata installed offshore capacity of about 3.3 GW in five countries. The company has currently two offshore wind farms, 1.1 GW Thor in Denmark and 1.4 GW Sofia in the UK, under construction, and further projects in development worldwide. In addition, RWE is currently working with industry partners on more than 30 hydrogen projects and has a supply and trading business that makes the fuel available to industrial customers.
“Korea is one of the most attractive markets for the development of offshore wind and green hydrogen. In Hyundai E&C we have a strong partner at our side who shares our values and ambition to drive the growth of green energy,” said Sven Utermöhlen, CEO RWE offshore wind unit.
