Korean Wind Energy Industry Association (KWEIA) and Norwegian Offshore Wind have signed a memorandum of understanding (MoU) to increase collaboration for the development of offshore wind.
The MoU aims to get business going between offshore wind companies. Both Norwegian supply chain and developers are interested in the emerging Korean market, especially within floating projects, where the potential for contracts is large, according to Norwegian Offshore Wind.
“We in Norway see great potential in the Korean offshore wind market. The supply chains in these two countries can build on each other’s capabilities, and we hope to further strengthen our collaboration through this MoU with our friends in KWEIA,” said Hans Hansen, the head of the Working Group for South Korea in Norwegian Offshore Wind.
“To succeed with offshore wind in South Korea, we need to explore avenues for cooperation. We hope that, centered around the MOU signed with Norwegian Offshore Wind, both nations can establish themselves as leading players in the offshore wind energy industry,” added Vice Chairman Jin-Ki Sung from KWEIA.
According to the latest Market Overview Report from TGS-4C Offshore, South Korea is expected to install 7.3 GW of floating offshore wind already by 2030. Norway’s first large scale floating wind farm will most likely be put to tender in the first quarter 2025.
“The Norwegian industry has through our pioneering projects in floating offshore wind built a strong supply chain, and our expertise in marine operations, engineering and project management can contribute positively in Korea,” concluded Hansen.