Hanwha Ocean has signed a memorandum of understanding with Hyundai E&C to strengthen South Korea’s offshore wind supply chain and promote localisation, according to local reports.
The two companies will work together on engineering, procurement and construction for domestic projects, beginning with the Shinan-Wui offshore wind farm.
Hanwha Ocean said the Shinan-Wui project is scheduled to finalise financing and start construction in October, with Hyundai E&C joining as a construction investor and joint contractor.
The shipbuilder also plans to construct its own wind turbine installation vessel capable of handling 15MW units, which it will use on future projects alongside Hyundai E&C, according to reports.
Hanwha Ocean and Hyundai E&C told local media they plan to jointly pursue further domestic offshore wind developments using this model.
Kim Hee-cheol, chief executive of Hanwha Ocean (pictured, right, with Lee Han-woo, CEO of Hyundai E&C), is quoted as saying: “Strengthening the supply chain is essential for the security of the domestic offshore wind power market from the early stages of the market. Through the cooperation of the two companies, we will maximise technical synergy and establish a stable foundation for clean energy supply.”