Under the non-binding MoU, the two companies plan to establish a partnership to explore opportunities to optimise the fabrication of floating foundations to reduce the cost of floating offshore wind in South Korea.
“I believe that the creation of value through partnerships with local companies is an important factor in making the offshore wind power business successful in the Haeul-i Offshore Wind Power Project being promoted by CIP,” said Jonathan Spink, CEO of Haewoori Offshore Wind development.
“We hope that the business agreement between the two companies will not only be an opportunity to find an optimized floating substructure method, but also an opportunity to contribute to reducing the cost of floating offshore wind power in Korea.”
The Haewoori Offshore Wind is a 1.5 GW floating wind project located off the eastern coast of Ulsan, South Korea.
According to the project’s website, the wind farm, developed by CIP, is under development and undergoing survey and permitting activities. The project company submitted its final environmental impact assessment (EIA) report to the relevant authorities a month ago.
Haewoori Offshore Wind was one of the industry players that launched the Ulsan Floating Offshore Wind Association in April of last year to promote the development of the offshore wind industry in Ulsan.
Under its Renewable Energy 3020 Implementation Plan, South Korea plans to develop 12 GW of offshore wind projects by 2030.
