Hyundai Engineering to produce offshore wind power on Chuja Islands

South Korea’s Hyundai Engineering on Thursday said it signed the day before a memorandum of understanding with Equinor Korea, LG Chem Ltd., POSCO E&C and SK Ecoplant on joint development of an offshore wind power project near the Chuja Islands of Jeju Island.

The five companies will pursue two large-scale renewable energy ventures together. The so-called tailwind project will develop power generation capacity of 1.5 gigawatts by combining fixed and floating offshore wind power generators 10-30 km west of the Chuja Islands, while the promotional project will have fixed generators 10-20 km east of the islands.

Bjorn Inge Braaten, CEO of the lead company Equinor Korea, called the two ventures an important project of high significance in Korea, adding that his company, which has developed marine energy for over 50 years, will create synergy through this alliance.

“We will utilize our capabilities and know-how to make this project a benchmark of collaboration among global companies,” said Lim Gwan-seop, head of Hyundai Engineering’s plant division.

Hyundai Engineering is aggressively investing in next-generation energy sources such as offshore wind, solar, hydrogen and miniature modular reactors. It said it will transform into an eco-friendly and energy company through new high value-added businesses in renewable energy and the environment.

Write to Eun-Ji Shim at summit@hankyung.com