POSCO E&C to build offshore wind power plant with Norwegian firm

South Korea’s POSCO E&C, formerly POSCO Engineering and Construction, and a Norwegian company are promoting the Ulsan Firefly project, the world’s largest for floating offshore wind power.

POSCO E&C on Thursday said it signed the day before an agreement for the venture with Equinor, a global leader in offshore wind power. Their objective is to produce electricity by building a floating offshore wind power plant of 750 megawatts 70 kilometers off the coast of Ulsan, a scale sufficient enough to power all households in the coastal city.

The two companies will form strategic ties in development, construction and transportation for the project and others in domestic offshore wind power.

“We broke away from the limits of traditional construction and selected green and renewable businesses such as offshore wind power as a next-generation future growth sector,” said On Sang-woong, head of POSCO E&C’s infrastructure division.

To advance its offshore wind power unit, the company signed in April a technical cooperation deal with another Norwegian partner, DNV, the world’s largest global certification organization for offshore wind power.

Write to In-Hyeok Lee at twopeople@hankyung.com