Equinor has signed a Memorandum of Understanding (MoU) with Korean East-West Power (EWP) to develop 3 GW of offshore wind projects in South Korea. EWP is an affiliate of the state-owned power utility Korea Electric Power Corporation (KEPCO).
South Korea had an electricity capacity of 129 GW in late 2020 (41 GW of gas, 37 GW of coal, 23 GW of nuclear, 16 GW of solar, 6.5 GW of hydropower, 2.2 GW of oil, 1.7 GW of wind, and 1.3 GW of biomass) and aims to raise the renewable capacity by around 60 GW to 2034, of which 12 GW is targeted for offshore wind by 2030.
GIG (Macquarie) and TotalEnergies are developing a 1.5 GW floating offshore wind project in Ulsan (South Korea) and Shell partnered with CoensHexicon in September 2021 to create a joint venture to develop and operate a 1.4 GW floating wind project off the south-east coast of South Korea. The MunmuBaram joint venture is 80% owned by Shell and 20% by CoensHexicon.
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