Equinor has signed a memorandum of understanding to jointly explore opportunities to develop commercial-scale floating offshore wind in South Korea.
The Norwegian company plans to work with Korea National Oil Corporation (KNOC) on floating windfarms.
Equinor New Energy Solutions senior vice president Stephen Bull said “South Korea has large potential and offers attractive opportunities in offshore wind. We are pleased to sign an MoU with KNOC to strengthen our collaboration. We look forward to evaluating how we can further expand our portfolio in offshore wind and contribute to developing renewable energy solutions in South Korea.”
KNOC senior vice president Jae-Heon Shim said, “Executing an MoU with Equinor is a critical opportunity that will advance practical steps towards floating offshore wind in Korea. We plan to actively focus on progressing and de-risking potential projects and on feasibility studies in collaboration with Equinor.”
South Korea is pursuing a transition in its energy mix from nuclear and coal to renewable energy. It aims to significantly increase its proportion of renewable energy in power generation to 20% by 2030. This translates to a target of 49 GW of new renewable generation capacity by 2030.
KNOC is 100% owned by the South Korean state and has a mandate to ensure South Korea’s energy security. Supporting the South Korean Government’s ambition of renewable energy, KNOC is launching a new business by developing floating offshore wind. KNOC is looking to develop a 200-MW floating offshore wind project at Donghae off the coast of Ulsan City.