- The two companies will work together on a more than 4 GW portfolio of wind projects.
Deep Wind Offshore, a Norwegian developer, has partnered with a utility owned by South Korean, East-West Power. The two companies will work together on a more than 4 GW portfolio of Korean offshore wind projects.
The companies have already signed a Memorandum of Understanding (MoU) stating the collaboration of the companies on four projects with the use of floating or bottom-fixed technologies. This was revealed on Thursday by Deep Wind. Specific details about the project were not revealed.
“The complementary capabilities of our companies create a solid foundation for successfully developing the projects to benefit the energy transition in Korea and provide opportunities for the national supply chain and local communities,” said Knut Vassbotn, CEO of Deep Wind Offshore. The two companies noted the available infrastructure in South Korea that will support the development of offshore wind projects. This will include the shipbuilding and steel industries. The companies believe this step will make their joint initiative “more stable and feasible.”
Deep Wind Offshore was set up in 2020 to develop and own offshore wind projects. Last year, it formed a 50/50 joint venture with EDF Renewables to bid for acreage in Norwegian offshore tenders. Its plans in Sweden envisage 1.5 GW of offshore wind farms.