Ocean Winds, Hyundai Steel to Cooperate on South Korean Offshore Wind Project

Ocean Winds, a 50/50 joint venture between EDP Renewables and ENGIE, has signed a memorandum of understanding (MoU) with Hyundai Steel to cooperate on the proposed Hanbando offshore wind project in South Korea.

Source: OW Ocean Winds

Ocean Winds Hyundai Steel — *Source: OW Ocean Winds*

Under the MoU, Ocean Winds and Hyundai Steel will explore various ways to develop a suitable domestic supply chain for the Hanbando offshore wind project, maintain long-term cooperation, and ensure the stability of the offshore wind supply chain, added Ocean Winds.

“This MOU with Hyundai Steel represents a significant turning point for the offshore wind industry in the Incheon region. Ocean Winds is committed to driving the development of local supply chains, fostering industry integration, creating jobs, and promoting sustainable growth and collaboration with the community,” said Guzman Figar, Ocean Winds’ Country Manager for South Korea.

The Hanbando offshore wind project, which is in the early development phase, has a total planned capacity of 1,245 MW.

In addition to Hanbando, Ocean Winds is also developing floating wind projects with a combined capacity of approximately 1,125 MW off the coast of Ulsan, namely KF Wind 1,2, and East Blue Power (EBP), in partnership with Mainstream Renewable Power.

The company is currently working on 16 offshore wind projects in eight countries around the world, including France, the US, Belgium, and the UK.

When it comes to Hyundai Steel, the steel manufacturing firm, headquartered in Incheon, has supplied tubular steel for the foundations of Jeju Hallim Offshore Wind Farm in South Korea and has been awarded contracts for the Taiwan TPC offshore wind project, among other things.