GS Entec signs deal with global offshore wind power developer

GS Entec, an energy equipment manufacturer under South Korea’s GS Global Corp., on Monday said it signed a memorandum of understanding with the UK-based Corio Generation, a global offshore wind power developer, to harness the eco-friendly energy source in Busan.

GS Entec will supervise the manufacturing and timely procurement of substructures for generators in a Corio Generation-promoted offshore wind power generation project off the coast of Busan.

GS Entec earlier entered this sector through a strategic partnership with the Netherlands-based Sif, the world's No. 1 maker of offshore wind power substructures, as Asia’s first company to do so.

GS Entec makes major facilities for petrochemical plants and combined thermal power facilities. Last year, the company posted sales of 118.5 billion won ($92.4 million) and an operating loss of 17.6 billion won.

Corio Generation is a British portfolio company under the Green Investment Group, the energy transition investment arm of the Sydney, Australia-based Macquarie Group. The company conducts offshore wind power development projects of over 30 gigawatts in the UK, Ireland, Brazil, Sweden, Japan, Taiwan, Vietnam and Australia.

In May, the company signed an agreement with Daewoo Engineering & Construction (E&C) for development of offshore wind power development in Busan, something that led to the offshore wind power project in the port city. Daewoo E&C handles construction in the venture.

“Busan already has a wide array of related companies in all stages of offshore wind power projects like inspection, design, procurement and construction,” said Choi Woo-jin, head of Corio Generation's Korea office. “We will help domestic companies advance into overseas markets.”

Write to Jae-Fu Kim at hu@hankyung.com