South Korea – Equinor and Korean East-West Power (EWP) have signed a Memorandum of Understanding (MoU) to work together on 3 GW of offshore wind projects off the coast of South Korea.
With the help of the partners, the country’s ongoing energy transition and the development of an offshore wind industry in Korea will be significantly bolstered. By 2030, the South Korean government plans to increase renewable energy production by a total of 60GW, of which at least 12GW will come from offshore wind farms.
EWP, one of Korea’s state-owned power generation companies (known as “Gencos”), provides a strong foundation for Equinor to lead in developing a pipeline of offshore wind projects.
To that end, the agreement between Equinor and EWP demonstrates that the company’s long-term goal of expanding its renewable energy business profitably by working with partners who share its vision and goals has been achieved. To meet South Korea’s renewable energy goals, floating solutions are necessary because of the country’s shallow coastal waters. Equinor will bring decades of offshore technology and floating wind experience to the partnership, as well as expertise in operation and maintenance (O&M).