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SK oceanplant and Corio sign MOU for multiple worldwide projects

4C Offshore | Kaitlin Walsh
By: Kaitlin Walsh 17/03/2023 SK oceanplant

SK oceanplant, a subsidiary of SK ecoplant, and Corio Generation (Corio) have signed a memorandum of understanding (MOU) for cooperation in offshore wind power. The agreement was made at a ceremony in Corio's Seoul office, attended by officials from both companies including Woojin Choi, Head of Korea at Corio Generation, and Seung-Chul Lee, CEO of SK oceanplant.

The MOU will enable both companies to collaborate on offshore wind farm projects in and outside of Korea, including in the UK, Australia, Taiwan and Busan, with a total capacity of 6.8 GW. Under the MOU, SK oceanplant will manufacture and supply substructures and offshore substations, while Corio will front the developing of offshore wind business, investing and managing.

The agreement marks a significant milestone for SK oceanplant, an offshore wind substructure manufacturer, which will now have the opportunity to partner with Corio, a first-class offshore wind power specialist, and expand its offshore wind power business to the global market. Additionally, Corio plans to accelerate its business in South Korea and other countries through the partnership with SK oceanplant.

According to McKinsey Global Energy Perspective Model 2022, under the scenario of carbon neutrality by 2050, the global installed capacity of offshore wind power is expected to be approximately 1,000 GW making the industry a 5,000 trillion won market (assuming a project with a capacity of 1 GW will cost 5 trillion won). This highlights the vital role that both companies play within the offshore wind industry.

SK oceanplant are planning to build a new plant for offshore wind power substructures in Gosung, Gyeongsangbuk-do (southern province of Korea). The new plant will be as large as 1.57 million square metres, offering an annual capacity of roughly 650,000 tons. This will also directly supply Korean manufacturers with main equipment needed for offshore wind power generation, such as fixed substructures and floating structures.

Seung-Chul Lee, CEO of SK oceanplant, said: “SK oceanplant is transforming as a global offshore wind power operator as demonstrated by its acquisition of 51% of stake in an offshore wind farm project in Taiwan as well as its entry into the Japanese offshore wind market. This partnership is expected to bring synergy to one of the fastest-growing markets in the world, the global offshore wind market. We are committed to working towards becoming a top-tier offshore specialist in the world by expanding our presence and making investments."

Woojin Choi, Head of Korea at Corio Generation, said: “Offshore wind power business is poised to provide enormous business opportunities for Korean companies that are the most competitive in the global shipbuilding, offshore plants, steel, and heavy industries. Corio is committed to cooperate with not only SK oceanplant but many other Korean companies so that they can play more important roles in the global offshore wind power market.”

For more information on offshore wind farms worldwide, click here.


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