Corio Generation Bolsters South Korea Offshore Wind Ties

July 26, 2023, by Adnan Memija

Corio Generation has signed cooperation agreements with local companies, based in Busan, for the development of offshore wind projects in South Korea.

Corio announced it had signed a Memorandum of Understanding (MoU) with GS Entec on 19 July and with Chokwang-Jotun on 20 July, respectively, for its offshore wind projects in Busan.

Under the agreements, GS Entec will support the production and procurement of the foundations for offshore wind turbines, while Chokwang-Jotun will provide painting materials and support operations for offshore wind structures.

In July 2022, Sif signed a framework agreement with GS Entec to grant the company a ten-year mutual exclusive license for the Asian region to use technology developed and applied by the Dutch firm, for the purpose of manufacturing monopile foundations and transition pieces.

The license includes both a fixed one-off fee and a variable fee per manufactured and delivered monopile foundation.

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Chokwang-Jotun is a joint venture company established by Chokwang Paint, a local firm in Busan, and Norway-based Jotun.

“We seek to cooperate with local companies to promote projects together and help them advance into overseas markets to achieve co-prosperity, which I think is a practical contribution to the local economy and a realistic response to the climate crisis,” said Woo Jin Choi, Head of Korea at Corio Generation”, said Woo Jin Choi, Head of Korea at Corio Generation.

“Through the partnership, we will make utmost efforts for our offshore wind projects in Busan, including Cheongsapo and Dadaepo, to maximise benefits to the local economy.”

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In May this year, Corio signed a cooperation agreement with Daewoo Engineering & Construction for the development of fixed-bottom offshore wind projects in Busan.

This covers all three projects in Corio’s portfolio in Busan, namely the up to 200 MW Gijang, the 40 MW Cheongsapo, and the up to 96 MW Dadaepo offshore wind farms, with the potential for pursuing further opportunities across the Asia-Pacific region.