Norwegians and Koreans ink offshore wind deal  

Wednesday, November 27 2024

Wind Energy – MoU Norway Korea

Korean Wind Energy Industry Association (KWEIA) and Norwegian Offshore Wind signed an MoU in Incheon today.

The Memorandum of Understanding aims to get business going between offshore wind companies. Both the Norwegian supply chain and developers are interested in the emerging Korean market. Especially within floating projects, the potential for contracts is large.

“We in Norway see great potential in the Korean offshore wind market. The supply chains in these two countries can build on each other’s capabilities, and we hope to further strengthen our collaboration through this MOU with our friends in KWEIA,” says Hans A. Hansen, who leads the Working Group for South Korea in Norwegian Offshore Wind.

With the Norwegian ambassador as a witness, the two networks signed the MOU during the Korea-Norway Offshore Wind Business Forum in Incheon.

“To succeed with offshore wind in South Korea, we need to explore avenues for cooperation. We hope that, centered around the MOU signed with Norwegian Offshore Wind, both nations can establish themselves as leading players in the offshore wind energy industry,” says Vice Chairman Jin-Ki Sung from KWEIA.

The future for floating offshore wind in South Korea looks promising. South Korea is expecting to install 7,3 GW of floating offshore wind already by 2030.

Norway’s first large-scale floating wind farm will most likely be put to tender in Q1 2025. Recently, three new projects have been signed with the world-leading test center for floating offshore wind, METCentre, on the West Coast of Norway.