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South Korea: Doosan Heavy, SK E&C in Floating Wind Farm Tie-up

November 19, 2020

At the signing ceremony held on November 18th at SK E&C’s corporate center, Jaehyun Ahn, CEO of SK E&C(left), and Inwon Park, CEO of Doosan Heavy’s Plant EPC Business Group pose for a photo.
At the signing ceremony held on November 18th at SK E&C’s corporate center, Jaehyun Ahn, CEO of SK E&C(left), and Inwon Park, CEO of Doosan Heavy’s Plant EPC Business Group pose for a photo.

South Korea's Doosan Heavy Industries & Construction has signed an agreement with compatriot SK Engineering & Construction to collaborate on floating offshore wind farm projects.

Under the agreement, SK E&C will take on the development of the wind farm complex, including the development of the business plan and obtainment of the licenses and permits, while Doosan will assume responsibility for the technology development to manufacture key equipment for floating offshore wind farms. 

"Given the rising interest in floating offshore wind farms, the signing of this agreement will open up more business opportunities for us in the market. We will endeavor to successfully pursue the floating offshore wind power business, including projects in the Ulsan and Southeast region of Korea, where we expect to see phased growth starting in 2023," said Inwon Park, CEO of Doosan Heavy’s Plant EPC BG.

Since May, Doosan has been participating in the national project led by Korea Institute of Energy Technology Evaluation and Planning (KETEP) for the development of a floating offshore wind power generation system as part of the consortium formed with Korea South-East Power Co. (KOEN) and Jeju Energy Corporation.

According to the Global Wind Energy Council’s “Global Wind Report 2020,” the global market for floating offshore wind power is expected to grow from 100MW this year to a maximum of 13.6GW by 2030.  

Also, the Carbon Trust’s recent Floating Wind Joint Industry Projects report forecasts an estimated 70GW of floating wind could be installed across the globe by 2040.

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