Hanwha E&C to expand offshore wind power business

South Korea's Hanwha Engineering and Construction (E&C) on Tuesday concluded a business agreement on joint development of offshore wind power in the country with Norway's public energy company Equinor.

Attending the signing ceremony at Hanwha Building in Seoul for Hanwha E&C were CEO Kim Seung-mo, Lee Nam-chul, head of the company's wind power unit, and planning director Lim Jin-kyu and Jens Okland, vice president for new energy solutions, Equinor South Korea chief Jacques-Etienne Michel and others for Equinor.

The accord stipulates that both companies continue discussing additional cooperation measures such as joint development and investment to implement their project promoted by Hanwha E&C and expand offshore wind power operations.

Equinor has developed fixed-bottom offshore wind projects in the North Sea of the UK including in Dudjeon (402 megawatts), Sheringham Shore (317 MW) and Dogger Bank (3.6 gigawatts).The company is a world leader in offshore wind power through its development of Hywind Scotland (30 MW), the world's first floating wind farm, and Hywind Tampen (88 MW), which is slated for completion this year off the Norwegian coast.

CEO Kim said, "We expect better synergistic effects through our cooperation with Equinor, a leading company for offshore wind power, such as business expansion and feasibility," adding, "To prepare for a zero-carbon era, our focus is on new and renewable energy sectors such as on- and offshore wind power to achieve a major breakthrough as a 'green infrastructure developer.'"

Hanwha E&C also eyes by 2030 development of a 2-GW wind power complex. Its leading ongoing project is the Sinan-Ui venture for offshore wind power and the company continues to pursue on- and offshore wind power projects in several Korean cities including Boryeong and Yeongcheon.

Write to Hyun-Il Lee at hiuneal@hankyung.com