Equinor and Korea National Oil Corporation (KNOC) have signed a Memorandum of Understanding to jointly explore the opportunities for floating offshore wind in South Korea.
The two companies say that South Korea has “large potential” and “attractive opportunities” for floating offshore wind. The MOU with state-owned KNOC will help Equinor to expand its portfolio in the offshore wind sector, said Stephen Bull, senior vice president for Wind and Low Carbon in New Energy Solutions in Equinor.
“Executing a MoU with Equinor will become a critical opportunity that will advance to practical steps of floating offshore wind in Korea,” said Jae-Heon Shim, senior vice president at KNOC. “We plan to actively focus on progress and de-risking studies including feasibility studies in collaboration with Equinor.”
South Korea has set ambitious renewable energy goals and made pledges to reduce coal-fired and nuclear energy generation. The proportion of renewable energy in power generation is set to increase to 20 per cent by 2030; which translates to a target of 49 GW of new renewable generation capacity by 2030.
KNOC has a mandate to ensure energy security in Korea and says that it will use its knowledge of developing offshore energy resources to build an offshore wind energy business.
Equinor has developed two major offshore wind farms in Europe – Sheringham Shoal, Dudgeon and Arkona – and also built the world’s first full scale commercial floating offshore wind farm – Hywind – located off the coast of Scotland.