The South Korean building company Hanwha Corporation, through its engineering & construction (E&C) division, has signed a memorandum of understanding with the Norwegian oil and gas company Equinor to jointly develop 2 GW of offshore wind power plants in South Korea by the end of 2030. Hanwha’s E&C division currently has plans to build five offshore wind power plants in the South Jeolla, South Chungcheong and Gangwon provinces.
Since 2020, Equinor has also partnered with SSE Renewables and Vårgrønn to deliver the 3.6 GW Dogger Bank offshore wind project (UK), which will become the world’s biggest offshore wind park once it’s commissioned in 2026.
At the end of 2021, offshore wind accounted for less than 1% of South Korea’s installed capacity (136 MW), however the country currently has more than 47 GW of wind projects under development. South Korea has set a target to reach 12 GW of offshore wind capacity by 2030. The country targets a 20% share of renewable energies in the power mix by 2030.