▲ Expect synergy in the Republic of Korea’s coastal clean energy projects through collaboration between leading K-construction and K-shipbuilding firms

▲ Based on Hyundai E&C's 'first, largest, and only' track record in offshore wind power, the company is set to fully engage in project participation and market diversification

Hyundai E&C is joining forces with Hanwha Ocean to contribute to the development of Korea's offshore wind power business and the realization of carbon neutrality.

On November 19th, at the Hanwha Building in Janggyo-dong, Seoul, Hyundai E&C signed a Memorandum of Understanding for Comprehensive Cooperation in the Offshore Wind Power Business with Hanwha Ocean. The signing ceremony was attended by key officials from both companies, including Hyundai E&C CEO Lee Han-woo and Hanwha Ocean President & CEO Kim Hee-chul.

Through this agreement, Hyundai E&C has committed to comprehensive cooperation with Hanwha Ocean across the entire spectrum of the offshore wind power business. The two companies will pursue joint participation in both construction and equity for their own ongoing projects as well as for projects involving bidding. They also plan to maximize the efficiency and competitiveness of offshore wind farm construction by jointly utilizing Hanwha Ocean's Wind Turbine Installation Vessel (WTIV).

Hyundai E&C has accumulated unrivaled technological prowess and construction experience in the offshore wind sector by successfully completing the Southwest Offshore Wind Power Demonstration Complex, the first of its kind in Korea, and the Jeju Hallim Offshore Wind Power Project, which boasts the largest scale in the country. Hanwha Ocean, a specialist in shipbuilding and marine engineering, is also working to expand its influence in the offshore wind power business, based on its world-class ship design and construction capabilities and extensive experience in offshore plants. Based on their respective world-class technological capabilities and plentiful business experience, the two companies plan to cooperate in a wide range of fields, from expanding the offshore wind market to revitalizing local economies and creating more employment opportunities.

Notably, Hyundai E&C is currently pursuing three projects, including the Yokji-Jwasari Offshore Wind Farm in Tongyeong, Gyeongnam Province, while Hanwha Ocean is pursuing four wind power projects, including the Sinan-Ui Offshore Wind Farm in Jeonnam Province. It is projected that the collaborative effect from the ongoing offshore wind farm projects by the two companies alone will have a significant impact on expanding renewable energy production in Korea’s southwest.

A Hyundai E&C official noted, “As two of the Republic of Korea's leading companies have joined forces, we expect this MoU signing to further strengthen the competitiveness of both companies in the eco-friendly energy market.” The official added, “For a sustainable future, Hyundai E&C will not only actively explore opportunities in diverse renewable energy projects, such as those involving solar and hydrogen, in addition to offshore wind, but will also lead the energy market transition both at home and abroad by expanding its influence in next-generation energy sectors such as small modular reactors (SMR).”

Earlier this year, Hyundai E&C successfully commercialized the first 100MW-class offshore wind farm in Korea by installing eighteen 5.56MW offshore wind turbines in Hallim, Jeju, marking the largest such project in the country. The company demonstrated its capabilities as a developer by participating in all aspects of the project, from the main construction processes to business development, equity investment, and project financing (PF) procurement. Having signed a strategic memorandum of understanding with Europe's largest energy company, RWE, for cooperation in eco-friendly energy projects, and having expanded the scope of its business to include renewable energy power trading, Hyundai E&C is broadening its efforts as a global energy leader to respond to the climate crisis.