South Korea’s efforts to expand its offshore wind capacity have advanced with a memorandum of understanding (MoU) signed by Hanwha Ocean and Hyundai Engineering & Construction (Hyundai E&C). The agreement establishes the basis for a domestic engineering, procurement, and construction (EPC) partnership, focused on large‑scale offshore wind projects, starting with the 390 MW Shinan Ui offshore wind project.
As part of the collaboration, Hanwha Ocean will lead the construction of wind turbine installation vessels (WTIVs). The company currently holds permits for projects totalling 2 GW, including the Shinan Ui wind farm, which is set to host 26 Vestas V236‑15.0 MW turbines. Financing for the project is expected to be finalised in October, paving the way for construction to commence. Hyundai E&C will take part as both an investor and a joint contractor.
Hyundai E&C brings proven expertise to the partnership, having been involved in the country’s first offshore wind initiatives, including the Southwest Sea Demonstration project and the Jeju Hanlim Offshore Wind Power Project. This experience is expected to complement Hanwha Ocean’s offshore engineering capabilities.
Earlier this year, Korea South-East Power (KOEN), a subsidiary of KEPCO, withdrew from the Shinan Ui project after it failed to pass a government feasibility review. Hanwha Ocean has since reaffirmed its commitment to the project by unveiling plans for its own high-capacity WTIV capable of handling 15 MW turbines – the same class of machines to be deployed at Shinan Ui.
The wind farm, planned for waters off Sinan County in South Jeolla Province, is one of several projects tied to South Korea’s renewable energy targets. The cooperation between Hanwha Ocean and Hyundai E&C is aimed at strengthening domestic supply chain capacity and expanding technical expertise within the country’s offshore wind sector.
