-Cooperation in promoting two large-scale renewable energy projects, including the 1.5GW 'Hupung Project' and the 1.5GW 'Chungju Project'.
-Actively fostering high-value-added businesses in the fields of modern engineering, renewable energy, and environment
Hyundai Engineering announced today that it has signed a memorandum of understanding (MOU) with Equinor Korea, LG Chem, POSCO E&C, and SK Ecoplant to jointly develop an offshore wind power project near Chujado, Jeju Island.
At the MOU signing ceremony held at The Plaza Hotel in Jung-gu, Seoul on the 30th, Hyundai Engineering & Construction's Kwanseop Lim, Head of Plant Business, Bjorn Inge Bratten, CEO of Equinor Korea, Sung-woo Heo, Vice President of LG Chem, Sang-woong On, Head of Infrastructure Business of POSCO ENERGY, and Dong-gul Lee, Vice President of SK Ecoplant, discussed close cooperation in the joint development of offshore wind power projects, which are attracting attention as the next generation of renewable energy.
Based on the MOU, Hyundai Engineering and five other companies will cooperate in promoting two large-scale renewable energy projects, including the 'tailwind project' with a total power generation capacity of 1.5 GW using a mix of fixed and floating offshore wind turbines 10 to 30 kilometers west of Chudo Island, Jeju, and the 'propulsion project' with 1.5 GW of fixed offshore wind power 10 to 20 kilometers east of Chudo Island.
Bjørn Inge Braathen, CEO of Equinor Korea, who organized the signing of the MOU, said: "The Hupung and Pusan offshore wind projects are of great significance to South Korea. Equinor has been developing offshore energy projects for more than 50 years and has been a leader in offshore wind power for the past 20 years. Through this collaboration, we will create synergies by combining our deep offshore expertise with local experience and resources, and we are very pleased to be working with one of Korea's largest companies on the tailwind and propulsion offshore wind project near Chujado, which is being developed by Equinor."
In his congratulatory remarks, Mr. Lim Kwan-seop, Head of Hyundai Engineering's Plant Division, said, "We will do our best to make this offshore wind project a successful one by utilizing our capabilities and know-how so that it can become an exemplary case of collaboration between global companies."
Meanwhile, Hyundai Engineering is diversifying its business portfolio through active investment and R&D in next-generation energy fields such as offshore wind power, solar power, hydrogen, and MMR, and is actively transforming itself into a green and energy company through new high-value-added businesses in the renewable energy and environmental fields.