Equinor has acquired 100% of the shares in the Chujin offshore wind project east of Chuja island, Jeju province, Korea. The project is located near Equinor’s Hoopoong project.
Through the acquisition, Equinor acquires 100% of the shares in Chujin Co Ltd from Daejin L&L Co Ltd, Elenergy Co Ltd and another minority shareholder. Chujin Co Ltd owns environmental data and water permits for the Chujin offshore wind project, located approximately 10-20 kilometers east of Chuja Island in Jeju province, and 40 km from South Jeolla province. The water depth in the area is 40-70 meters, with the potential for a bottom-fixed wind farm with substantial electricity generating capacity.
Significant milestone
“This is an important addition of another 1.5 GW to our significant project pipeline, and Chujin is an attractive development project for us. There are many synergies between the Chujin project and the Hoopoong project, including the potential for co-development. Our plan is to be a long-term industrial operator and partner of offshore wind projects in Korea, developing projects together with local partners that will join us on the ownership side. Our experience from developing similar projects in other places in the world will benefit Chuja, Jeju and Korea. Our professional and efficient development of affordable, zero-carbon, domestic energy will create new jobs and business opportunities in the local community,” says Bjørn Inge Braathen, country manager for Equinor in South Korea.
The Chujin offshore wind project is still being matured. Three FLiDARs were deployed in the area in March 2022 to collect various data needed for the next step of the project. Equinor is currently preparing an application for seabed exclusivity and awaiting the conclusion of the relevant regulatory framework. Following the award, Equinor will commence activities for an Environmental Impact Assessment. Equinor plans to develop this project in close cooperation with local communities and authorities, in a way that minimises impact and creates new jobs and business opportunities locally. The company will also consult with local stakeholders throughout the project.
“Strengthens foothold”
“The acquisition of Chujin strengthens our foothold in Korea, a country with significant renewable energy ambitions, and where offshore wind will play an important role in creating a domestic supply of sustainable and affordable energy. We see a strong market potential in Korea. We want to build on our long-lasting relationships with the Korean supply chain to establish our position as a long term developer and operator of offshore wind projects in Korea, together with local partners,” says Bjørn Inge Braathen, Country Managing Director of Equinor Korea.
