HD Hyundai Electric has signed a memorandum of understanding (MoU) for the development of a 3GW-plus offshore wind farm in the city of Jindo-gun, Jeollanam-do province, South Korea.
It inked the MoU with Pacifico Energy Korea, CS Wind, Korea Ocean Engineering & Consultants Co and Daebul Shipbuilding at HD Hyundai Global R&D Center on Monday, October 30 to jointly develop offshore the site.
The project is to build a 3.2GW offshore scheme consisting of three power generation complexes off the coast of Jindo-gun in the south-west of Korea. It is enough to supply electricity to 3m households with a total cost of KRW19tn.
Pacifico Energy will be in charge of equity investment and overall business development, and HD Hyundai Electric will supply wind turbines and power equipment for offshore substations. They also shared their roles in wind towers and substructures, submarine cable installation, and maintenance.
The Korean government is actively promoting offshore wind power projects to achieve 2050 carbon neutrality and 2030 Nationally Determined Contribution. It has announced it will expand the deployment of offshore wind power facilities in Korea to 26.7GW by 2036.
HD Hyundai Electric will continue to work to vitalize the offshore wind power business in Korea and establish a local supply chain, the company said.