Equinor reaffirms intention to invest in Korea’s renewable energy market

Equinor, a Norwegian state-owned broad energy company, has again confirmed its ambitions to contribute to Korea’s renewable energy market. Equinor submitted an investment registration at the 2024 Invest Korea Summit, held on the 6^th of November at the Grand Intercontinental Hotel in Seoul. This marks Equinor’s second consecutive year of investment declaration in Korea, following a similar announcement made last year in Paris hosted by President Yoon.

The investment registration took place as part of the Invest Korea Summit, Korea’s largest foreign investment attraction event, hosted by KOTRA’s Invest Korea. The event was attended by Minister AHN Duk-geun from the Ministry of Trade, Industry, and Energy (MOTIE), KOTRA CEO YOO Jeong-yeol, and representatives from seven global companies that seek to invest in Korea. Equinor’s latest declaration seeks to contribute to the Korean government’s goal of developing 8 GW of offshore wind capacity over the next three years through the maturation and development of offshore wind projects in Korea.

As a global leader in floating offshore wind, Equinor operates both the world’s first and largest floating wind farms, in total accounting for roughly 50% of global floating wind capacity. In Korea, Equinor is maturing the Bandibuli project in collaboration with major Korean companies, including Samsung Heavy Industries, POSCO E&C, Doosan Enerbility, and LS Cable & System.

The Bandibuli project, with a capacity of up to 750 MW, is a floating offshore wind initiative located 60-70 km offshore from Ulsan. The project received environmental impact assessment approval in July this year and is now preparing for participation in an upcoming fixed-price wind auction. Planned to be developed with over 50% local content, Bandibuli enables significant participation by Korean companies. Once completed, the project is expected to power around 440,000 homes annually and reduce carbon dioxide emissions by an estimated 3.75 million tonnes.

“Korea has world-class shipbuilding and marine infrastructure, making it a strong candidate for a global hub for floating offshore wind. Through investing in projects in Korea, we aim to support Korea’s 2050 carbon neutrality goals and, in collaboration with Korean companies, to lead the global floating wind market,” said Bjørn Inge Braathen, Country Managing Director of Equinor Korea.

Since 2005, Equinor has built robust partnerships with Korean companies, and this latest declaration reflects Equinor’s ongoing intention to collaborate with the Korean government and related institutions, contributing to accelerating Korea’s energy transition and offshore wind industry development.