SK oceanplant and Corio Generation have signed a deal covering six global offshore wind projects with a combined capacity of 6800MW.
The memorandum of understanding will enable both companies to collaborate in offshore wind farm projects in and outside of South Korea, including the UK, Australia, Taiwan and Busan.
Under the MoU, SK oceanplant will manufacture and supply substructures and offshore substations while Corio will be in charge of developing offshore wind business, investing and managing.
The move will allow SK oceanplant to expand its offshore wind power business to the global market.
Meanwhile, Corio, a portfolio company of Green Investment Group (GIG), plans to accelerate its business in South Korea and other countries including its offshore wind farm projects in Chungsapo and Dadaepo in Busan, a bottom-fixed offshore wind project.
“SK oceanplant is transforming as a global offshore wind power operator as demonstrated by its acquisition of 51% of stake in an offshore wind farm project in Taiwan as well as its entry into the Japanese offshore wind market,” said Seung-Chul Lee, CEO of SK oceanplant.
“This partnership is expected to bring synergy to one of the fastest-growing markets in the world, the global offshore wind market. We are committed to working towards becoming a top-tier offshore specialist in the world by expanding our presence and making investments.”
Woojin Choi, Head of Korea at Corio Generation, added: “Offshore wind power business is poised to provide enormous business opportunities for Korean companies that are the most competitive in the global shipbuilding, offshore plants, steel, and heavy industries.
“Corio is committed to cooperate with not only SK oceanplant but many other Korean companies so that they can play more important roles in the global offshore wind power market.”