Hanwha Ocean is collaborating with Hyundai E&C to strengthen the domestic offshore wind power industry's supply chain and promote localization.
On the 19th, Hanwha Ocean signed a memorandum of understanding with Hyundai E&C for cooperation in the offshore wind power business at the Hanwha Building in Seoul. The two companies have agreed to establish a partnership for the design, procurement, and construction (EPC) of domestic offshore wind projects, starting with the Shinan-Wui offshore wind project.
The Shinan-Wui offshore wind project, which Hanwha Ocean is promoting, is set to finalize financial agreements and commence construction in October this year. Hyundai E&C will participate as a construction investor and joint contractor.
Hanwha Ocean also plans to directly construct a Wind Turbine Installation Vessel (WTIV) capable of installing large offshore wind turbines with a capacity of 15 megawatts (MW), contributing to the localization of the key supply chain.
Additionally, the two companies plan to jointly participate in future domestic offshore wind projects in a manner similar to the Shinan-Wui offshore wind project, and Hanwha Ocean will utilize the WTIV it constructs for offshore wind projects led by Hyundai E&C.
Kim Hee-cheol, CEO of Hanwha Ocean, said, "Strengthening the supply chain is essential for the security of the domestic offshore wind power market from the early stages of the market," adding, "Through the cooperation of the two companies, we will maximize technical synergy and establish a stable foundation for clean energy supply."