HD Hyundai Electric has signed a memorandum of understanding with Pacifico Energy Korea, CS Wind, Korea Ocean Engineering & Consultants and Daebul Shipbuilding to jointly develop a megawatt-scale offshore wind project in South Korea.
The project is to build a 3.2GW offshore wind farm consisting of three power generation complexes off the coast of Jindo-gun in the southwest of Korea. It is expected to cost KRW19trn ($14bn) and be enough to supply electricity to 3m households.
The participating companies agreed to strengthen the cooperation system to complete the project. Pacifico Energy will be in charge of equity investment and overall business development, and HD Hyundai Electric will supply wind turbines and power equipment for offshore substations. They also shared their roles in wind towers and substructures, submarine cable installation, and maintenance.
The Korean government is actively promoting offshore wind power projects to achieve 2050 carbon neutrality and 2030 Nationally Determined Contribution. It has announced it will expand the deployment of offshore wind power facilities in Korea to 26.7GW by 2036.
HD Hyundai Electric said it would continue to work to vitalise the offshore wind power business in Korea and establish a local supply chain.
