Global offshore wind developer Deep Wind Offshore has entered into a partnership with Korea Hydro and Nuclear Power (KHNP), South Korea's largest power producer, to jointly develop offshore wind projects. Deep Wind Offshore, which has been active in the Korean offshore wind sector for the past four years, currently holds 3GW of offshore wind projects under exclusive development.
The partnership will focus on the Admiral Lee and Abalone offshore wind farms, each with a potential capacity of up to 1.5GW. These projects are set to contribute to South Korea's goal of expanding its offshore wind power capacity as part of its broader clean energy transition strategy.
The signing ceremony for the agreement took place in Oslo, with KHNP President Joo-Ho Hwang and Deep Wind Offshore CEO Knut Vassbotn in attendance, alongside the Ambassador of the Republic of Korea to Norway Min-Jeong Seo and Jo Sletbak from the Norwegian Ministry of Foreign Affairs.
Young-chul Kang, Director of KHNP's renewable energy division, emphasized the importance of the collaboration, stating: “KHNP is evolving beyond its traditional role as a leader in nuclear and hydro power generation to become a driving force in the transition to eco-friendly energy through the development of renewable sources such as offshore wind. Our strategic partnership with Deep Wind Offshore marks a pivotal milestone in strengthening Korea's global competitiveness in offshore wind.”
Knut Vassbotn, CEO of Deep Wind Offshore, highlighted the strength of the partnership, saying: “With an impressive track record and a unique local position, KHNP is the perfect partner for Deep Wind Offshore in Korea. Together with our experienced team, this collaboration will provide a solid foundation for maturing projects through upcoming milestones. Combined, we will contribute to Korea's front-running position in offshore wind.”
Deep Wind Offshore, owned by the Knutsen Group, operates internationally, with a presence in Norway, South Korea, Sweden, and Estonia. KHNP, which accounts for approximately 30% of South Korea's electricity generation, is accelerating its development of offshore wind sites along the east and southwest coasts of the country, further solidifying its presence in both domestic and global renewable energy markets.
