Equinor and Korea East-West Power to cooperate in 3GW offshore wind power project

Equinor, a Norwegian state-owned energy company, has joined forces with Korea East-West Power, a public power generation company, to collaborate on 3GW offshore wind power development projects in Korea.

Equinor (President and CEO, Anders Opedal) and Korea East-West Power (President Kim Yung-moon) announced on November 17 that they have signed a Memorandum of Understanding for cooperation in offshore wind power projects, in the presence of senior executives from the two companies at offices of Korea East-West Power (EWP).

With this MOU, both Equinor and Korea East-West Power have laid a strong foundation for proactively developing offshore wind power projects. Above all, it is expected to support the 12 GW offshore wind power generation goal included in the Korean government’s plan to expand renewable energy to 60 GW by 2034.

“South Korea aims to become one of the leading global markets for offshore wind in the next decade. Together with EWP, we are ready to contribute to the country’s plans. We want to develop the first commercial floating offshore wind farm in South Korea. We have worked with the Korean supply chain for many years and know their qualities and capabilities. We see a big potential to leverage our experience in building a new industry together with Korea’s world-class supply chain,” says Pål Eitrheim, Executive Vice President for Renewables in Equinor.

The MoU between Equinor and EWP confirms Equinor’s strategy of accelerating profitable growth in renewables by creating value from early access at scale in attractive markets, in collaboration with partners that share its vision and goals. Equinor believes that the target of renewable energy production through offshore wind power generation can be realized in view of the depth of the Korean coast. Equinor plans to actively utilize its 50 years of offshore energy development experience and offshore energy development technology, including O&M, for the offshore wind power projects promoted in Korea.

“Through this agreement, East-West Power and a Norwegian state-owned company will exert a partnership to strengthen the foothold leading the eco-friendly energy transition. We will do our best to prepare a foothold for a leap forward in the carbon-neutral era by supplying clean energy through domestic offshore wind power project development and to create jobs in the future energy sector”, said, Kim Young-moon, the president of Korea East-West Power.