South Korean companies Hanwha Ocean and Hyundai Engineering & Construction (Hyundai E&C) have signed a memorandum of understanding (MoU) to strengthen the country’s offshore wind supply chain and promote localisation efforts, local media reported on Monday.
The two firms will collaborate on engineering, procurement, and construction (EPC) for domestic offshore wind projects, starting with the planned Shinan-Wui offshore wind farm. According to Hanwha Ocean, the Shinan-Wui project is expected to finalise financing and begin construction in October. Hyundai E&C will participate as both a construction investor and joint contractor.
Hanwha Ocean also plans to develop its own wind turbine installation vessel (WTIV), designed to handle turbines of up to 15 megawatts (MW). The vessel will be deployed in future projects in cooperation with Hyundai E&C, the company said.
Both companies indicated they intend to expand this partnership model to future domestic offshore wind projects.
“Strengthening the supply chain is essential for the security of the domestic offshore wind power market from the early stages of the market,” said Kim Hee-cheol, chief executive of Hanwha Ocean. “Through the cooperation of the two companies, we will maximise technical synergy and establish a stable foundation for clean energy supply.”
The move comes as South Korea continues to expand its renewable energy infrastructure, with offshore wind seen as a key component in the nation’s energy transition strategy.
