Danish vessel owner ESVAGT and South Korean shipping firm KMC Line have signed an agreement to establish a new joint venture KESTO, dedicated to the growing South Korean offshore wind market.
Through a joint venture partnership with KMC Line, ESVAGT will deploy its expertise in the growing South Korean offshore wind market, where current plans include as much as 18.3 GW offshore wind to be established by 2030.
The agreement for the new joint venture, KESTO, was signed on May 8, in the presence of more than 70 customers, partners and officials. According to the partners, the new joint venture is well into constructive discussions with partners on several Korean offshore wind farms to be established from 2027 onwards.
"It is our ambition to grow, and we are responding to a request from our customers to be able to draw on known skills and competences in new markets.
“The potential of the Korean offshore wind market is very attractive, but as an emerging market it also comes with unknowns. International developers and turbine manufacturers have a heightened focus on using well-known partners and respected suppliers when much else is new. That is to our advantage," said Søren Karas, ESVAGT CEO.
"The Korean offshore wind market is one of the fastest growing markets. We have a strong industrial base in South Korea but lack experience and the standard of service quality in the offshore wind industry. When we combine ESVAGT's expertise and experience in SOVs with KMC Line's regional maritime knowledge, I am convinced that KESTO will raise the bar for both safety and service quality in the industry," added James Jonghoon Kim, President & CEO of KMC Line.