POSCO, Equinor Pen Offshore Wind MoU in South Korea

September 15, 2023, by Adnan Memija

POSCO International and Norway-based Equinor have signed a Memorandum of Understanding (MoU) to explore opportunities related to the development of offshore wind in South Korea.

POSCO International and Equinor will explore various initiatives under the agreement which include potential joint ventures and joint investment in projects within offshore wind including the Firefly/Bandibuli floating wind project and low-carbon hydrogen and ammonia.

Recently, Equinor signed two agreements with other Korean companies, one related to the 750 MW Ulsan Firefly floating offshore wind farm and another related to the up to 1.5 GW Hoopoong and Chujin wind projects, located approximately 10-40 kilometres east and west of Chuja Island.

“This Memorandum of Understanding represents both an important step forward for Equinor’s investment plans in Korea as announced during the investment declaration ceremony held in Paris last June, and an extension of our recent collaborations with multiple Korean companies,” said Bjørn Inge Braathen, Country Managing Director of Equinor Korea.

“We are currently maturing several offshore wind projects in Korea including the Bandibuli project offshore Ulsan. POSCO International has a strong heritage and industrial base on the East Coast of Korea, which will benefit a potential collaboration on Bandibuli.”

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The MoU signed with POSCO International also covers potential steel supply for offshore wind and hydrogen projects and LNG sourcing and supply.

“The company is transitioning into a global eco-friendly conglomerate and is focusing on qualitative growth in its energy sector through renewable energy expansion,” said Jeon-hyuk Lee, Head of the Energy Division at POSCO International.

“This agreement serves as a significant steppingstone for our formal entry into offshore wind power, and we also anticipate it will pave the way for collaborations in the sustainable technologies such as hydrogen and ammonia.”

Under its Renewable Energy 3020 Implementation Plan, South Korea plans to develop 12 GW of offshore wind projects by 2030.