SK Oceanplant, Corio team up for offshore wind power

SK Oceanplant, a South Korean offshore wind power subsidiary of SK Ecoplant Co., and Corio Generation, a global offshore wind power developer owned by Green Investment Group (GIG), have signed a memorandum of understanding (MOU) to cooperate on offshore wind power projects in six regions around the world.

The MOU covers projects with a total capacity of 6.8 gigawatts (GW) in the UK, Australia, Taiwan and Busan, South Korea, among others.

The two companies will leverage their respective strengths in the offshore wind power sector. SK Oceanplant will provide offshore substructures and substations while Corio Generation will handle project development investment and management.

SK Oceanplant has been expanding its global presence in the offshore wind power market by securing a 51% market share in Taiwan’s offshore wind power project and entering Japan’s offshore wind power market.

Corio Generation is an independent offshore wind power development company established by GIG last April. GIG is a specialist green investor within Macquarie Asset Management. Corio Generation is developing more than 20 GW of offshore wind power projects worldwide.

“We expect that this business agreement with Corio Generation will have significant synergy effects in the rapidly growing global offshore wind power market,” said Lee Seung-chul, CEO of SK Oceanplant.

“We hope to cooperate closely with more of our companies including SK Oceanplant so that they can play a bigger role in the global offshore wind power market starting from this agreement,” said Choi Woo-jin, a Korean representative of Corio Generation.

SK Oceanplant plans to build a new offshore wind structure production plant in Goseong, South Gyeongsang Province. The new plant will cover an area of 1.5 million square meters and will have an annual production capacity of about 650,000 tons.

Write to Hae-Youn Kim at haykim@hankyung.com