South Korea’s SK oceanplant, the offshore wind power business arm of construction engineering company SK ecoplant, has signed a memorandum of understanding with Corio Generation, a portfolio company of Macquarie’s Green Investment Group (GIG) to work together on offshore wind projects.
The two companies plan to collaborate on projects in South Korea, the UK, Australia, Taiwan and Busan with a total capacity of 6.8 GW.
The deal envisions for SK oceanplant to manufacture and supply foundations and offshore substations, while Corio will be in charge of developing offshore wind business, investing, and managing.
Corio was founded in April 2022 as a standalone offshore wind arm of GIG and has a project pipeline of over 20 GW. Meanwhile, SK oceanplant plans to build a new plant for offshore wind substations in Goseong, South Gyeongsang, with an annual production capacity of 650,000 tonnes.
“SK oceanplant is transforming as a global offshore wind power operator as demonstrated by its acquisition of 51% of stake in an offshore wind farm project in Taiwan as well as its entry into the Japanese offshore wind market. This partnership is expected to bring synergy to one of the fastest-growing markets in the world, the global offshore wind market,” said Seung-Chul Lee, CEO of SK oceanplant. He added, “We are committed to working towards becoming a top-tier offshore specialist in the world by expanding our presence and making investments.”
