Canada-based Northland Power has signed a Memorandum of Understanding with South Korean KEPCO E&C to jointly work on supporting the development of the offshore wind industry in Korea.
Under the agreement, Northland Power and KEPCO E&C plan to participate in local offshore wind projects and in those overseas, as well as invest in and develop floating offshore wind projects.
The two companies will cooperate in the long-term through the exchange of offshore wind-related information and data, licensing and technical support, and the joint development of projects.
According to KEPCO E&C, its wind farm design experience and technical expertise will generate great synergy with Northland Power’s experience in investment, development, construction and operation of offshore wind projects.
South Korea has a target of having 20% of electricity produced by renewable energy by 2030. This corresponds to an expansion of renewables of 48.7GW, including 16.5GW in wind energy.
The country’s President Moon recently announced a 4GW solar-offshore wind complex that will be built at the center of the Saemangeum reclaimed land area in Gunsan, which is expected to comprise a 3GW floating solar farm combined with a 1GW offshore wind farm.