In order to construct offshore wind projects in South Korea, Norwegian offshore project developer Deep Wind Offshore (DWO) has joined forces with the nation’s state-owned energy company East West Power (EWP). DWO and EWP will concentrate on creating four floating and bottom-fixed projects far off the nation’s coast as part of their agreement. Together, these projects will have a capacity of more than 4 GW.
Reportedly, worldwide offshore wind projects are developed and owned by DWO, whereas EWP now makes up 11.2 GW of South Korea’s total installed capacity. The South Korean division of DWO concentrates solely on offshore wind development from its three offices located around the peninsula. Several industrial owners, like the Norwegian shipping company Knutsen OAS, support the company.
Recently, SK D&D signed a MoU with energy fund manager Glennmont Partners to invest in solar PV projects in South Korea. The two companies would invest around $153 million in the projects under the terms of the MoU. In addition, SK D&D will be in charge of sourcing, project management, and operation of the solar facilities, while Glennmont will be responsible for debt financing and selling the projects to end users.