London-based Corio Generation and Daewoo Engineering and Construction (Daewoo E&C) have joined hands to jointly develop offshore wind projects in South Korea.
As per the MoU, Corio and Daewoo E&C have agreed to explore collaboration opportunities in developing bottom-fixed offshore wind projects. The pact will also cover all three projects in Corio’s portfolio in Busan like 200 MW Gijang, the 40 MW Cheongsapo, and the up to 96 MW Dadaepo offshore wind farms, with plans to follow further opportunities across the Asia-Pacific region.
Under the agreement, Corio will develop projects, make investments and look into project management while Daewoo E&C will look after engineering, procurement, and construction (EPC) support.
“Both companies are aligned in the belief that offshore wind power is critical in the energy transition and achieving carbon neutrality. Through this MOU, we will actively strive towards the growth of renewable energy, both domestically and globally, by maximising our mutual synergy and leveraging our respective expertise and resources,” said Woo Jin Choi, Head of Korea at Corio Generation.
However, in March, the company signed a deal with SK Oceanplant to supply offshore substations and substructures for projects in South Korea and in APAC region.
Corio is developing almost 3 GW of offshore wind across South Korea, through its Busan and BadaEnergy portfolios. In addition, the BadaEnergy portfolio, developed jointly with TotalEnergies and SK Ecoplant, includes both floating and bottom-fixed projects off the coast of Ulsan and South Jeolla province. It also developed the 1.5 GW Grey Whale projects, one of the world’s largest floating offshore wind developments.
As per the firm, Daewoo E&C is developing the MSPAR floating wind turbine foundation in collaboration with the Netherlands-based Monobase Wind, which passed the model tests in May last year.
The delegates present during the signing ceremony at Daewoo E&C’s office in Jung-gu, Seoul, included executives of both companies, including Jung Wan Baek (CEO of Daewoo E&C), Seung-il Cho (Director of Daewoo E&C’s plant project division), Jonathan Cole (CEO of Corio Generation) and Woo Jin Choi, Head of Korea at Corio Generation.