Norwegian state-owned energy company Equinor has entered into a Memorandum of Understanding with South Korea's four major corporations Hyundai Engineering, LG Chem, POSCO E&C, and SK ecoplant, to efficiently promote offshore wind projects near Chuja Island. This collaboration follows Equinor's investment announcement in June during an investment declaration ceremony in Paris, attended by President Yoon, which highlighted Equinor's significant ambition to invest in Korea's emerging offshore wind industry, energy transition, and carbon neutrality goals.
Equinor and the Korean corporations are teaming up with the intention to collaborate on the Hoopoong and Chujin offshore wind projects. According to Bjørn Inge Braathen, Equinor Korea's Country Managing Director, "The Hoopoong and Chujin projects are two groundbreaking projects, important at both a regional and national level. We have been developing offshore energy projects for over 50 years, and offshore wind for the last 20 years. Through this collaboration, we will combine our deep expertise with local experience and resources to the benefit of these Korean projects. We are very pleased to have these prestigious Korean companies join our projects in the south.”
This collaboration will explore various options and opportunities connected to the development of the projects,including floating and bottom fixed technology, hydrogen, digitalization and more.
This announcement comes in between two major international offshore wind milestones for Equinor: on August 23, Equinor opened the world's largest floating offshore wind farm, the 88MW Hywind Tampen. Additionally, Equinor is expecting first power production from the world's largest bottom-fixed offshore wind farm, the 3.6GW Dogger Bank Wind Farm in the UK, soon.
The Hoopoong and Chujin offshore wind projects, located approximately 10-40km east and west of Chuja Island, are planned to be constructed and operated with a capacity of around 1.5GW each. Both projects are at an early stage, currently preparing applications for seabed exclusivity. Following an award, Equinor will commence activities for an Environmental Impact Assessment and further development and maturation of the projects together with local stakeholders.
Meanwhile, in a concerted effort towards achieving carbon neutrality by 2050, Hyundai Engineering, LG Chem, POSCO E&C, and SK ecoplant are investing significantly in sustainable energy, particularly in offshore wind energy. Hyundai Engineering is diversifying its business portfolio through active investment and R&D in sustainable energy. LG Chem aims for net-zero by 2050, adopting innovative processes and transitioning to eco-friendly materials and fuels to achieve RE100 goals. POSCO E&C is expanding its offshore wind business as part of its green new deal, targeting a balanced portfolio by 2030. SK ecoplant is proactively investing in offshore wind, focusing on the potential of future energy value chains.
