POSCO Energy and Copenhagen Infrastructure Partners (CIP) have signed a Memorandum of Understanding (MoU) to cooperate on offshore wind and green hydrogen business development.
Under the MoU, the two companies will work together on the development of offshore wind projects, cooperate on supply chain development for offshore wind, and on developing a green hydrogen business.
To achieve their agreed plans, POSCO and CIP will create a joint working group for offshore wind and green hydrogen.
For POSCO, cooperation with CIP allows the company to have an opportunity to develop its offshore wind business not only in Korea but also overseas, according to POSCO Energy President Jeong Ki-seop, who also added that the offshore wind development will enable further cooperation in the green hydrogen field.
In offshore wind, POSCO already has a project under development in South Korea. The 300 MW offshore wind farm is located in the waters west of Jaeun Island in Sinan county.
Last year, the company entered a similar MoU with Ørsted, under which the two parties agreed to support the development of Ørsted’s 1.6 GW offshore wind projects off the coast of Incheon City and to conduct feasibility studies on potential collaboration on renewable hydrogen.
In April 2021, POSCO also entered into an agreement with South Korea’s SK Engineering & Construction and POSCO to develop a new floating offshore wind foundation, with plans to carry out a demonstration test in 2023 at a 136 MW project offshore Ulsan.